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12 May 2020updated 29 Jul 2021 2:45pm

Economic forecasts worsen in Europe, Italy faces biggest slump

By Nicu Calcea

GDP growth forecasts for major European countries and the US have been revised downwards yet again, with France seeing the biggest change from last week.

Italy remains the country facing the largest slump, according to this week’s GlobalData forecasts. Its economy is expected to shrink 9.4 per cent during 2020.

France’s GDP is now expected to contact by 8.4 per cent, compared to last week’s estimate of 7.4 per cent.

The UK economy is expected to shrink by 7.6 per cent this year, Germany’s by 6.7 per cent and the US’s by 5.3 per cent.

Both China and India continue to be forecasted modest growths of 0.8 per cent and 1 per cent respectively.

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We are using exclusive dynamic figures provided by GlobalData analysts to track key economic indicators in major world economies hit by Covid-19. Deaths from the virus are plotted alongside the indexed performance of each country’s major stock exchange and the number of jobs open for applications across all major industries. Figures are tracked daily from 1 March 2020.

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