The economic forecasts for the biggest Western nations affected by Covid-19 have been revised downwards once again — with the UK seeing a particularly steep drop-off.
Italy’s GDP is expected to drop by more than 9.3% in 2020, according to the latest forecasts from GlobalData.
France’s GDP is set to drop by 7.3% during the year, the UK’s by 7.0% and Germany’s by 6.3%.
The UK saw the biggest downwards revision from last week, when it’s economy was expected to shrink by just 5.4% in 2020.
The news came on the day the UK registered the highest known Covid-19 death toll in Europe.
The US economy is now expected to shrink by 5.2%. Japan’s is expected to shrink by 4.3%, slightly less than the 4.4% forecast last week.
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Stock markets have generally remained stable across all markets in our tracker.