After 300 years, such a big decline
The Office for National Statistics said on Friday that the economic downturn in 2020 was more than twice as high as the 2009 downturn during the global financial crisis. This decline is the largest since 1709, when the winter was famous as the Great Frost. Britain was a predominantly agrarian economy then.
Also read- Myanmar: The country’s largest protest against the military coup, thousands descended on the streets
Countries around the world have felt the shock
Britain’s Finance Minister Rishi Sunak said, “Today’s figures show that the economy has suffered a deep setback as a result of the epidemic, which has been felt by countries around the world.” While there are some positive signs of economy resilience during winter, we know that the current lockdown is having a significant impact on many people and businesses. ”
Also read- Rebels attack in Dakshin Waziristan, 4 Pakistani soldiers killed
Sunak said that he will announce new schemes for the security of jobs in the annual budget speech. He is scheduled to give a budget address in the House of Commons on 3 March.
France’s GDP drops 8.3 percent
The Kovid-19 has influenced the UK economy more than most other Industrial Democracies. In 2020, France’s GDP declined by 8.3 percent, Germany’s economy by five percent and American’s GDP by 3.5 percent.