Sometimes a chart says it all. UK GDP plummeted as the country went into lockdown. It was the largest hit to the UK’s economy in three centuries, as GDP fell by 11.3 per cent.
And yet, the world carries on. Chart two shows that in the case of sustainable investments, activity actually went up as the pandemic hit—a measure of changing financial priorities.
Even so, the global picture can’t be ignored. Chart three shows the global drop in economic output. That fall of 4.4 per cent represents a catastrophe. The road back will be long and hard.
Sources: ONS, IMF, Morningstar Direct, Manager Research, Data as of December 2020
This article is featured in Prospect’s new “The Road to Recovery” report, published in partnership with Lloyds Banking Group, the Government of Jersey and Jersey Finance. Read the full report PDF here.
