Economy ‘to recover from coronavirus by the summer’

Industry News | 11/11/20

Economists have upgraded Britain’s growth forecasts amid hopes that Pfizer’s coronavirus vaccine will end the health restrictions that have hammered businesses and the economy this year.

GDP may return to pre-pandemic levels as soon as the middle of next year as life gets back to normal faster than many forecasters had dared predict. Those that produced a range of scenarios said that their “upside” projections now appeared more likely.

Capital Economics said that unemployment was likely to peak “at 7 per cent next year instead of 9 per cent” and that GDP may “rise to its pre-virus level a year earlier than otherwise early in 2022 rather than 2023”.

Source: The Times