Authorities assessed the impact of the pandemic as long-term. This also applies to the growth of public debt.
The UK economy has faced the largest crisis in 300 years. This was stated by Finance Minister Rishi Sunak during a speech in the British Parliament.
According to the agency, 2020 will end with a reduction in GDP by 11.3%.
Recovery growth in 2021 will be 5.5%, in 2022 - a little more than 6.5%.
The return of the economy to pre-crisis indicators will occur no earlier than the beginning of the last quarter of 2022, the minister continued. The economic damage from the pandemic will be long-term: by 2025, GDP will be 3% less than expected before the crisis.
Now the authorities are taking measures to prevent total unemployment. For example, municipal authorities will receive £4 billion to finance local projects. Now there are officially 4.8% of the unemployed in the country.
Photo: Pixabay