The economic forecasts for the biggest Western nations affected by Covid-19 have been revised downwards once again — with the UK seeing a particularly steep drop-off.

Italy’s GDP is expected to drop by more than 9.3% in 2020, according to the latest forecasts from GlobalData.

France’s GDP is set to drop by 7.3% during the year, the UK’s by 7.0% and Germany’s by 6.3%.

The UK saw the biggest downwards revision from last week, when it’s economy was expected to shrink by just 5.4% in 2020.

The news came on the day the UK registered the highest known Covid-19 death toll in Europe.

The US economy is now expected to shrink by 5.2%. Japan’s is expected to shrink by 4.3%, slightly less than the 4.4% forecast last week.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Stock markets have generally remained stable across all markets in our tracker.

Covid-19 macroeconomic dashboard