.The_TUC's FrancesOGrady says the UK must be 'smart, intelligent and bold' in getting the economy running again, warning that the 'cost of mass unemployment and the failure to grow will certainly cost us in the long term.' More here:
Spain and Italy are both predicted to contract by 12.8% before bouncing back by 6.3% in 2021.
China, which locked down first and sharply after the emergence of the virus in Wuhan and has largely re-opened its economy by April, is forecast to grow by 1% in 2020, before accelerating to 8.2% next year. "In most recessions, consumers dig into their savings or rely on social safety nets and family support to smooth spending, and consumption is affected relatively less than investment."The pattern reflects a unique combination of factors: voluntary social distancing, lockdowns needed to slow transmission and allow health care systems to handle rapidly rising caseloads, steep income losses, and weaker consumer confidence.
The scale of the lockdown's impact on employment is illustrated by analysis cited in the report showing the global decline in work hours in the second quarter of 2020 is likely to be equivalent to more than 300 million full-time jobs.
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