The consequences of the coronavirus pandemic and the Brexites will leave a deep scar on British economy – it will suffer much more than other economies of the “big seven” countries, follows from the forecast of the organization of economic cooperation and development (OECD), which quotes The Guardian.
Britain’s exit from the EU, analysts note, will negatively affect the external economic relations. According to official data, the volume of trade with the EU at the beginning of the year decreased by a quarter compared with 2018.
Unemployment, according to analyst estimates, will grow to 6.1 percent by the end of the year compared with 4.8 percent in the first quarter.
At the same time, the growth rate of the British economy is considered to be in the organization, they will be the highest since the Second World War. In 2021, British GDP will grow by 7.2 percent after a reduction of 9.8 percent in 2020, assessed in OECD.
“The continued mitigation of restrictions related to health care provides opportunities for noticeable recovery. Consumption will quickly increase when the victims of hospitality and retail sales sphere will again open,” analysts explained.
The forecast was significantly revised for the better thanks to the successes of the Vaccination Program in Britain: Earlier OECD expects 5.1 percent growth.
Analysts also improved their forecasts for the growth of the global economy as a whole: it is believed that this year it will be 5.8 percent, and in 2022-M -4.4 percent. Development driver, according to specialists, will be US.