Corona deals the most severe blow to the British economy in 12 years
09:08 - 25/03/2020
The information / Baghdad ..
A survey conducted yesterday, Tuesday, concluded that Britain's economy is contracting at a record pace, faster than during the financial crisis in 2008 and 2009, as companies around the services sector are closing the doors to confront the Corona virus.
The monthly PMI index, which was conducted last week before the government ordered late Friday to close all bars, restaurants and other unnecessary activities open to the public, indicates the economy has contracted at a quarterly pace between 1.5 percent and two percent.
"The downturn is likely to be a drop in a sea, and it will be minimal compared to what we will be seeing in the second quarter of the year," said Chris Williamson, chief economist of IHS Market, which is preparing the survey.
The British economy was in the worst recession of 2008 and 2009, shrinking 2.1 percent in one quarter.
Economists expect Morgan Stanley that British economic output will shrink about ten percent or more in the three months to June, and just under five percent in the whole of 2020 if social restrictions can be eased in the second half of the year.
The Composite PMI fell first - which includes about 85 percent of the firms included in the full survey - to 37.1 in March from 53 in February, the lowest level since the survey began in January 1998, and below all economists' expectations in a Reuters poll. Ended / 25