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5 May 2020updated 06 Oct 2020 9:45am

Outlook worsens for Western economies, falls of up to 9.3 per cent expected in 2020

By Samuel Horti

The economic forecasts for the Western nations hardest hit by Covid-19 have been revised downwards once again, with the UK seeing a particularly steep drop-off.

Italy’s GDP is expected to drop by more than 9.3 per cent in 2020, according to the latest forecasts from GlobalData. France’s GDP is set to drop 7.3 per cent during the year, the UK’s by 7 per cent and Germany’s by 6.3 per cent.

The UK saw the biggest downwards revision from last week, when its economy was expected to shrink by 5.4 per cent in 2020.

The US economy is now expected to contract by 5.2 per cent in 2020.

Japan’s GDP is expected to shrink by 4.3 per cent, slightly less than the 4.4 per cent forecast last week.

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Stock markets have generally remained stable across all markets in our tracker.

Covid-19 macroeconomic dashboard

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 “active jobs”, which are jobs open for applications across all major industries. Figures are tracked daily from 1 March, 2020.

Covid-19 macroeconomic dashboard