Spain

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the UK is likely to economies the hardest hit by Covid-19 among the largest economies, a leading Agency has warned.

Britain's economy is expected to slump by 11. 5% in the year 2020 exceeds, falls in other developed economy in Germany, France , Spain and Italy, it said.

If there is a second peak in the pandemic, the British economy could contract by 14%.

The organization for Economic cooperation and development, describes the effect as "terrible" everywhere.

In its latest assessment, the OECD found that The Trade -, tourism-and hospitality-areas, from which large parts of the UK's service-based economy, have suffered, have been introduced under the blocking restrictions of the government.

Coronavirus-crisis

In response to the think-tank's report, Chancellor Rishi Sunak said the UK was the only one to suffer: "in common with many other economies around The World , we see the significant impact of the coronavirus to Our Country and our economy.

"The unprecedented measure we have taken to the life lines, the people, and to help businesses through the economic disruption will ensure that our economic recovery is as strong and as fast as possible. "

Global impact

The Paris-based organization says that five or more years, the profit could be lost growth in many Countries as a result of the pandemic.

The OECD examined two scenarios for how the pandemic might unfold.

In the worse case, the global economy will shrink by 7 may. 6% this year.

Although The Report says that the pandemic has started to emerge in many Countries , and the activity has begun to Pick Up , you do not expect a convincing recovery. He sees the prospects for the Public Health as extremely uncertain, and this is reflected in the decision to evaluate two alternative scenarios.

In the moderate scenario, The Virus continues to slow down. In The Alternative , there is a second wave of contagion that breaks later in the year, 2020.

The Report describes the views as sobering. Neither the economic activity can be back to normal within the time limit, the OECD believes. The Deep recession that is now underway, followed by a slow recovery.

In the darker of the two ways, The Decline this year could be very strict.

In this scenario, Two Countries - France and Spain - suffering would including, yet deeper declines in economic output than the United Kingdom in this year

7. 6% of the global forecast is significantly worse than what is provided by other agencies - such as The International monetary Fund and the World Bank , have warned about The High level of uncertainty to their forecasts.

until The End of 2021, The Report says that five or more years of income are lost, growth is likely in many Countries . It says, the impact on livelihoods is particularly strong among The Most vulnerable groups.

The OECD also says that the pandemic is accelerating The Shift from what he called the "good integration" calls to the "fantastic fragmentation". This is essentially a setback for the globalization that is in additional investment and trade restrictions, and many borders are closed at least during the health crisis.

uk economy, recession, coronavirus pandemic, global economy, oecd

Source of news: bbc.com