At the end of the year, the country’s GDP will decrease by more than 11%. The economic consequences of such a fall will be long-lasting.
Great Britain will experience the biggest recession in 300 years. The gross domestic product of Britain will shrink by more than 11%. This was reported on Wednesday, November 25, by the press service of the British Treasury.
“The economy will shrink this year by 11.3%, which is the largest decline in production for more than 300 years… The economic losses are likely to belong. This means that in 2025 the economy will be about 3% less than expected in March,” said Finance Minister Rishi Sunak.
However, he expects that with the easing of quarantine restrictions, the British economy will begin to recover and grow by 5.5% next year and by 6.6% in 2022. In subsequent years, the economy is projected to grow by 2.3%, 1.7%, and 1.8%.
Recall that at Christmas in Britain and France will be released quarantine for five days.