UK ECONOMY SET TO BE ONE OF THE LAST TO RECOVER FROM COVID-19 PANDEMIC

Highlights:

  • The economy of the United Kingdom is all set for being one of the last economies to recover from the novel corona virus pandemic
  • It is going to take at least 18 months for the economy of United Kingdom to return to its normal size before covid-19 pandemic

According to the votes of the leading economists in United Kingdom, it is going to take at least 18 months for the economy of the United Kingdom economy for returning to its original size as it was before the corona virus pandemic, and the recovery is going to be lagging behind that of its peers.

The big majority of economists, who have been responding to the annual survey said that, the GDP of the United Kingdom is not going to regain regain its past level until the second half of the year 2022 or later, and majority of the economists said that, the political mismanagement of both the Brexit trade deal and the novel corona virus pandemic has been responsible for the underperformance of the United Kingdom than the other richer countries.

Adam Posen, who is the president of the Peterson Institute for International Economics and he is also a member of the monetary policy committee of the Bank of England said that, the economy of the United Kingdom is going to be among the last of the higher income economies in the continent original size like it was before the corona virus pandemic.

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