The COVID recession: what does it mean?

Hearne, David (2020) The COVID recession: what does it mean? Centre for Brexit Studies Blog.

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Abstract

Yesterday saw the release of long-awaited figures on the UK economy. They confirmed what we all knew: there has been a massive slump in output and we have been in a recession. In fact, this slump has been the largest amongst our European and global peers, a fact I shall revisit later in this blog.Yet all is not necessarily as it seems. Superficial comparisons to previous recessions suggest that the severity of the current situation is off-the-scale. Tohighlight just a few of the figures given by the Office for National Statistics, the estimated quarterly fall in GDP (20.4%) is an order of magnitude greater than the second largest fall (2.7%) since modern records began in 1955. For context, the largest quarterly fall in 2008/9 was 2.0%.

Item Type: Other
Date: 13 August 2020
Uncontrolled Keywords: Research, Researcher, Centre for Brexit Studies, BCU, Birmingham City University, Covid, Covid19, Covid-19, Coronavirus, Pandemic, Virus, Recession, UK Recession, Economy, Economist, UK Economy
Subjects: L100 Economics
L200 Politics
Divisions: Research, Innovation, Enterprise and Professional Services > Centre for Brexit Studies
Depositing User: Tolley
Date Deposited: 14 Aug 2020 14:08
Last Modified: 14 Aug 2020 14:08
URI: http://www.open-access.bcu.ac.uk/id/eprint/9659

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