The U.K. economy could shrink by a record 35% by June as a result of the coronavirus pandemic, according to the country’s official independent fiscal watchdog the Office for Budget Responsibility (…
pandemic, according to the country’s official independent fiscal watchdog the Office for Budget Responsibility .
The OBR reported that the U.K. economy will contract by 12.8% for the year as a whole, before returning to its pre-crisis growth trend by the end of 2020. Separately, the International Monetary Fund warned the virus would push the U.K. into its deepest slump for a century. The IMF expects the U.K. economy to shrink by 6.5% in 2020, while the global economy will contract by 3%.
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