Daily Economic Forecast: GDP - Major Western nations all down - Italy to see drop of more than 8%
Join Our Newsletter - Get important industry news and analysis sent to your inbox – sign up to our e-Newsletter here
X

Daily Economic Forecast: GDP – Major Western nations all down – Italy to see drop of more than 8%

28 Apr 2020

28 April

Global economic forecasts for major western nations hit by Covid-19 have been revised downwards again – with Italy now set to see its GDP drop by more than 8% during the year.

The latest figures from GlobalData suggest the UK’s economy will shrink by 5.4%, France’s by 6.0% and Germany’s by 5.2%. All three of those forecasts are worse than similar figures produced the previous week.

Japan has seen an even sharper dip in its economic prospects after a rise in Covid-19 cases saw prime minister Shinzo Abe declare a national state of emergency. GlobalData now predict negative GDP growth of 4.4% for Japan across 2020 – down from a predicted 3.2% the previous week.

Overall, the global economy is now expected to shrink by 2.2% in 2020 – a slight improvement on the 2.3% predicted the previous week. That is mainly down to relative success in containing major coronavirus outbreaks to Europe, North America and parts of Asia – so far.

Major stock markets indices in the UK, France, Germany and Italy were stable this week but remain at below 90% of pre-pandemic levels.

Covid-19 macroeconomic dashboard

We are using exclusive dynamic figures provided by GlobalData analysts to track key economic indicators in major world economies hit by Covid-19.

Deaths from the virus are plotted alongside the indexed performance of each country’s major stock exchange. Figures are tracked daily from 1 March, 2020.

Covid-19 macroeconomic dashboard

Free Whitepaper

By clicking the “Submit” button above, you accept and acknowledge that your data will be used by Vega.

We will also collect and use the information you provide for carefully considered and specific purposes, where we believe we have a legitimate interest in doing so, for example to send you communications about similar products and services we offer. We will always give you an option to opt out of any future communications from us. You can find out more about our legitimate interest activity in our privacy policy here. ‘We’ includes Verdict Media Limited and other GlobalData brands as detailed here.