Monday, January 18, 2021

Tag: Bank of England Forecasts 14% Drop for UK Economy in 2020 Due to Coronavirus

Bank of England Forecasts 14% Drop for UK Economy in 2020 Due to Coronavirus

from Sputnik News:

The United Kingdom recently surpassed Italy in terms of fatalities, reaching 30,000 deaths and becoming the second worst-hit country in the world after the United States. At the same time, Britain has also moved into fourth in terms of the number of cases with more than 200,000 infected in the country.

The Bank of England has announced that the British economy will lose 14 percent, with a 25 percent drop in GDP in the second quarter. The bank also forecast 9 percent unemployment in the second quarter of the year. The UK’s gross domestic product, however, will rebound by 15 percent in 2021, according to the BoE.