The novel Coronavirus hit the World hard but perhaps the United Kingdom (UK) is taking the most beating.
According to the Wall Street Journal, the value of products and GDP for England, Scotland, Wales & Northern Ireland reduced over 20 percent in the 2nd Quarter (Q2) to rates of as low as 60 percent as the countries counted the most COVID-19 fatalities.
These findings were sourced from the Office for National Statistics, the body charged with monitoring and collecting data on the economic status and UK citizens.
“The past few months have been hectic,” Richard Swart, an executive at England-based Berger Global, a packaging industry, told the Wall Street Journal.
Sales for May & June dipped significantly—by a whole 40 percent—in most industries. Though July and August saw sales increase, the retail environments remain unpredictable as shoppers face an unknown future, he says.
“Everybody still hopes a vaccine will surface, and sees that as the ultimate remedy,” Swart explains.
Even though social distancing restrictions have reduced and employees have resumed their jobs in the various workplaces, the Bank of England has cautioned that it may take up to 17 months to recoup from the Coronavirus recession.
In comparison, the United States and German economies lost approximately 10% of their output. Italy, France and Spain lost 12%, 14% and 19%, in that order.
Lockdown restrictions dominated most of Q2, taking effect in the end of March— weeks after most nations in Europe, and slowly eased towards the end of May, according to the Wall Street Journal.
Overdependence on services and functions that require in-person contact is one of the reasons the UK’s economy quivered.
The Bank of England approximates that expenditure on movie/theater tickets, restaurant dining, or watching sports functions, make up 13 percent of the nation’s total output. This is slightly higher than the US 11 percent and Europe as whole, 10 percent.
COVID-19 mortalities in the UK hit an entire 46,000 deaths— Europe’s highest toll and number four in the world after the US, Mexico and Brazil.
That figure, according to the Wall Street Journal, means the UK recorded 700 mortalities in every 1 million citizens, beating the numbers in the US, France, Germany, Italy and Spain from a per-capita perspective.
While many would like to blame the government for late response, authorities in the UK maintain that they reacted swiftly per the scientific guidance.
Hopefully, the nation will recover within the anticipated 17 weeks.
Author Bio:- Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and helps retailers compare credit card processing rates. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.