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Breaking: U.K. Economy Could Contract by 25% in Q2

Published 04/09/2020, 09:46 AM
Updated 04/09/2020, 09:56 AM
© Reuters.

By Peter Nurse 

Investing.com -- The U.K. economy could contract by as much as 25% in the second quarter, according to the National Institute of Economic and Social Research.

Britain's oldest independent economic research institute called the economic slowdown a "once in a century event", which could now see growth decline by 5% in the first quarter of 2020 and, if a lockdown continues, by around 15% to 25% in the second quarter.

“The UK economy is now almost certain to experience a major contraction in the second quarter of the year. The forceful impact of COVID-19 and the global lockdown has thrust the economy into unknown territory where we could see GDP declining at a record quarterly rate," said Kemar Whyte, senior economist at the institute.

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