LONDON - Britain’s economy will be back to its pre-COVID-19 level around the middle of next year, according to economists in a Reuters poll who said unemployment would peak at 6.2% as 2021 draws to a close and the pandemic job support scheme ends.
Last year the economy shrank by the most in more than three centuries, but the April 7-12 poll of around 70 economists said it would expand 5.0% this year and 5.5% in 2022. In a March poll those forecasts were 4.6% and 5.7%, respectively. “We are sticking to our relatively optimistic view that the reopening of the economy and the vaccine programme will allow GDP to regain its pre-pandemic level early next year.”
Finance Minister Rishi Sunak said last month he expected the economy would return to its pre-pandemic size in mid-2022. Six respondents in the poll said it would take longer and five said it would be sooner.Britain’s job market has been protected by a huge government furlough scheme which is due to run until end-September, keeping unemployment levels relatively low. It was 5.0% in the three months to January.
None of the 60 economists polled expected Bank Rate to move from 0.1% when the Monetary Policy Committee meets on May 6 and medians in the survey suggest it won’t increase until 2023. The earliest anyone had a hike pencilled in was for Q3 next year.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Denmark to produce COVID-19 vaccines in 2022, PM saysDenmark aims to start producing coronavirus vaccines in 2022, Prime Minister Mette Frederiksen said, adding that a tender would be made public in a few weeks.
Source: Reuters - 🏆 2. / 97 Read more »
Covid-19: Omagh and Enniskillen schools scrap academic selection in 2022Christian Brothers, Mount Lourdes and St Michael's College rule out academic selection next year.
Source: bbchealth - 🏆 143. / 63 Read more »
Moderna boosting COVID-19 vaccine capacity, targets up to 3 billion shots in 2022Moderna Inc (MRNA.O) said on Thursday it is boosting manufacturing capacity for its COVID-19 vaccine and expects to make up to 3 billion doses in 2022, more than twice its previous forecast.
Source: Reuters - 🏆 2. / 97 Read more »
Pfizer Lifts Covid-19 Vaccine Production Targets for 2021, 2022Pfizer is raising manufacturing projections for its Covid-19 vaccine this year and next, saying it could produce hundreds of millions of extra doses it would send to developing countries Do that ASAP or lose your IP to developing countries! Save your ass and keep making money the only way is to supply huge quantities of vaccines to other parts of the world specially to poor countries! Hon narendramodi ji, Please direct the PMOIndia officials to procure a few crore Vaccines from pfizer immediately. This will protect Indians against the Third COVID Wave projected by PrinSciAdvGoI This is good, but not enough. The population has not yet been adjusted
Source: WSJ - 🏆 98. / 63 Read more »
BioNTech Founders Expect Covid-19 Pandemic to Last Until Mid-2022The surge of coronavirus infections in developing countries amid a relative scarcity of vaccine supply means the pandemic will keep spreading until mid-2022, according to the inventors of the first Covid-19 vaccine authorized in the West. Bullshit!! The survival rate (without the vaccine) is 99+%. Big pharma & big gov planning until mid-22 Recession is coming.
Source: WSJ - 🏆 98. / 63 Read more »