Britain suffered the deepest recession of all G7 leading nations last year and the economy will not return to pre-pandemic levels until next year, the International Monetary Fund has said.
In a more optimistic global outlook than its October update, the IMF upgraded world growth, but singled out the UK as the only G7 economy to downgrade in 2020. Britain is now estimated to have shrunk by 10 per cent last year, worse than the 9.8 per cent projection in October.
Italy’s economy, previously expected to have fared worst, is estimated to have shrunk by 9.2 per cent. France, which had been equal second worst with the UK, is thought to have contracted by 9 per cent.
Britain’s projected 2020 decline would be the deepest