Worst may be over for virus-beaten British economy: Reuters poll

Great Britain’s economy was seen dropping at its most rapid pace in centuries. This was mainly from the disruptions brought by the virus crisis on demand. However, it has a high chance of recovering from inactivity next quarter as more businesses resume operations, a Reuters survey showed.  

The poll foresees a 17.3% contraction this quarter. This is milder than the 17.5% contraction forecasted in May. Forecasts ranged from a 6.3% drop to 25.5% as a second wave of COVID-19 infections remains to be the biggest threat to the economic outlook, according to over three-quarters of respondents to an additional question in the poll.

Median forecasts showed that the economy may decline a total of 19.0% in a worst-case scenario. But Prime Minister Boris has started lifting lockdowns, increasing hopes that the economy will recover with a 10.5% growth next quarter.