Britain’s economic outlook for 2020 has been downgraded to an 11.5-percent contraction by leading economic forecaster EY ITEM Club. That’s worse than the eight-percent decline forecast by the EY in June.
“With hopes of a V-shaped recovery fading, the UK economy is now not expected to match its Q4 2019 size until late-2024 – much later than the early-2023 prediction from the June forecast. Additionally, the EY ITEM Club now expects the Q2 GDP contraction to come in at a record 20 percent – a sizeable downgrade from the 15 percent contraction predicted last month,” EY said.
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