Among the G7 countries impacted by the Coronavirus with rising unemployment and decreases in consumer spending, the United Kingdom is predicted to be especially devastated by the pandemic.
The Office for National Statistics reports a record decline in the UK’s GDP from March to April 2020. The United Kingdom’s GDP fell 20%, the biggest drop in one month since the office began keeping records in 1997.
Prime Minister Boris Johnson — who contracted the virus himself in May — acknowledges the decline caused by the pandemic but is hopeful. “We’re going to work slowly to get the economy back on its feet. Slowly confidence will return, and you will see a bounce back for the UK.”
Deputy National Statistician Jonathan Athow puts it in starker terms, “April’s fall in GDP is the biggest the UK has ever seen, more than three times larger than last month and almost ten times larger than the steepest pre-COVID-19 fall. In April, the economy was around 25% smaller than in February.”