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Coronavirus has had wide-ranging consequences. As the virus has spread worldwide, it has caused enormous economic disruption: every advanced economy is in a recession or depression, whilst all emerging economies (excluding China) are in recession. The economic impact of the pandemic began with panic buying, increased goods usage and disruptions to manufacturing and logistics. Stock markets across the globe saw their largest single-week declines since 2008 at the end of February 2020, followed by international stock market crashes in March.
Within the UK, household spending fell 41.2% in April 2020, compared with April 2019. 8.4 million employees in Britain were furloughed by the beginning of May 2020. Also in May, the Office for National Statistics announced a 2% fall in GDP (gross domestic product) for the first quarter of 2020, with an unprecedented 5.8% fall in March alone. In August 2020, it was announced that the UK had entered into a recession for the first time in over 10 years.
Potential future economic impacts of Coronavirus include: food and supply shortages, price raises and disruptions to financial markets. The full monetary impact of the pandemic is not yet known (and may never be accurately assessed), but it is likely to be in the billions and increasing.
Read on to find out how COVID-19 has affected global economies, labour markets, businesses, workers and financial institutions.
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