NIESR projects that UK economy to contract by -25% to -30% in Q2.
“In a period of radical uncertainty, the short-term economic impact of Covid-19 is becoming clearer with the publication of GDP data for March, where output is expected to be lower by about 25 per cent in months when the lockdown is in place. Restarting the economy by promoting activities in upstream sectors such as construction, some manufacturing and the government will increase overall activities via helpful spillovers. But without a vaccine, there is significant risk of a second wave which could trigger a further setback in the economy.” Dr Kemar Whyte Senior Economist – Macroeconomic Modelling and Forecasting
