Coronavirus: World facing worst recession since the Great Depression - IMF https://t.co/Yxrfx3cevR— SkyNews (@SkyNews) April 14, 2020
According to the IMF, "this is a crisis like no other". IMF economists expect global GDP to fall by 3 per cent in 2020, the biggest drop in almost a century.
The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around 9 trillion dollars, greater than the economies of Japan and Germany, combined.
Such a fall in GDP "would dwarf the 0.1 per cent contraction of 2009 amid the financial crisis."
Closer to home, according to the OBR, "Britain’s economy could shrink by 13% this year due to the government’s coronavirus shutdown, its deepest recession in three centuries".
UK economy could shrink by the most in 300 years in 2020 https://t.co/n8jGZyaJCR pic.twitter.com/V1ULqixFVA— Reuters UK (@ReutersUK) April 14, 2020
Construction is likely to be one of the industries worst hit.
Office of Budget Responsibility scenario shows construction as one of the worst hit industries https://t.co/8V6a3QDjqL
— Building News (@BuildingNews) April 15, 2020
