In June of 2020, The Organization for Economic Cooperation and Development predicted a decline of 6% though now they predict a decline of 4%. Therefore, the United Kingdom should no longer have the deepest contraction among the major G20 economies. Britain is expected to have a declined contraction and Italy, India, and South Africa are predicted to have larger contractions than the United Kingdom. Regarding 2021, “… support needs to be continued next year and governments should avoid premature budgetary tightening at a time when economies are still fragile” Consumer spending has began to rebound and hopefully it will continue to do so. “For the global economy, the agency's chief economist said that the loss of economic activity due to the pandemic by the end of 2021 would be equivalent to the combined annual gross domestic product of France and Germany”.
Article Link:
https://www.bbc.com/news/business-54176157
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