UK: The UK economy suffered the biggest slump in more than 300 years in 2020 due to the Coronavirus epidemic, a 9.9 percent drop in the UK economy last year. Shops and restaurants in Britain were closed due to the epidemic. Also, the epidemic devastated the travel industry and manufacturing.
The Office of National Statistics stated that the economic decline in 2020 was more than double that of 2009 during the global financial crisis. Due to Corona, the economy has been shown to affect the whole world. If China is left out, then the figures of many developed economies of the world have declined during this period. However, recovery has started showing in many countries, including India.
The most significant decline since 1709
This decline was the largest since 1709, when the winter was known as the Great Frost. Britain was a predominantly agricultural economy then. Britain’s Finance Minister Rishi Sunak said in a statement, “Statistics show that the economy has suffered a deep setback as a result of the epidemic, which has been felt by countries around the world, although there are some positive signs of economic resilience during winter.”, But we know that the current lockdown is having a significant impact on many people and businesses. ”
Will make new announcements in the budget.
Sunak said that he would announce new schemes for the security of jobs in the annual budget speech. He is scheduled to give a budget address in the House of Commons on March 3. The Kovid-19 has affected the UK economy more than most other industrial democracies. In 2020, France’s gross domestic product (GDP) declined by 8.3 percent, Germany’s economy by five percent, and American’s GDP by 3.5 percent. It is believed that with the positive announcements from the government in the budget, rapid recovery can be seen in the economy.