THE IMPACT OF THE COVID-19 PANDEMIC ON
THE GLOBAL ECONOMY
The COVID-19 pandemic triggered a severe global recession, with an unprecedented fall in the GDP of countries all over the world. As businesses and consumers adapted to a world of lockdowns and quarantining, economic growth was hampered significantly.
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ECONOMY
The pandemic caused the UK’s GDP to drop by 11% in 2020, marking the most significant decline since records began in 1948. Based on less precise estimates, financial experts assessed that the UK economic decline of 2020 was the largest since 1709.
In the United Kingdom, the government and the Bank of England put in place measures to support businesses and workers and mitigate some of the catastrophic financial impact of the pandemic and related lockdowns. The pandemic caused the UK’s GDP to drop by 11% in 2020, marking the most significant decline since records began in 1948. Based on less precise estimates, financial experts assessed that the UK economic decline of 2020 was the largest since 1709.
Meanwhile, in the United States, a Scientific Reports study revealed that the COVID-19 pandemic culminated in unprecedented life expectancy losses not seen since the 1918 influenza pandemic. The report suggested that this loss of life would culminate in a $3.57 trillion deficient in national income growth, pointing out that the actual sum was likely to be higher since the report did not assess long-term impairment or morbidity.
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You can learn more about the macroeconomic outlook for 2023 by visiting the blog of Domen Zavrl.
