The U.K. economy plunged 20.4% as global stocks waver over fears of a second wave
that the U.K. was the developed economy likely to suffer the worst economic impact from the pandemic with the Paris-based think tank forecasting a 11.5% drop in GDP over 2020.
Italy, which was the first country in Europe to be impacted by the pandemic, was expected to see a 11.3% drop in national income, while the United States would see a 7.3% fall over the year. The slump in national income during the pandemic outpaced even France, Spain and Italy, which had imposed far stricter lockdown measures. U.K. for the first quarter of 2020 plunged 10.4%, ahead of France’s 5.8% drop and Italy’s 4.7% retraction.
European stocks fell on the news of the bleak economic data from U.K., and the worst day on Wall Street since March with the S&P 500 closing 5.9% lower on Thursday. London’s FTSE 100 was down 1.15%, the Europe-wide STOXX Europe 600 index fell 4.10% while Japan’s Topix index closed down 1.15%.Today’s economic data will make bleak reading for Prime Minister Boris Johnson who is facing mounting criticism for his handling of the pandemic even from inside his own government. The U.K.
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