NIESR said UKeconomy could have declined by -5% in Q1. And if lockdown continues, GDP could contract by -15% to -25% in Q2. The lockdown is “causing the largest contraction in economic activity since 1921”
“The UK economy is now almost certain to experience a major contraction in the second quarter of the year. The forceful impact of COVID-19 and the global lockdown has thrust the economy into unknown territory where we could see GDP declining at a record quarterly rate. Nonetheless, instant and significant recovery remain a distinct possibility if the spread of the virus comes to halt quickly.” – Dr Kemar Whyte Senior Economist – Macroeconomic Modelling and Forecasting
