UK economy to take biggest hit among developed countries due to coronavirus

The UK is set to be the developed country that suffers the most economic damage from the pandemic, according to new statistics.

Data released by The Organisation for Economic Co-operation and Development (OECD) shows that the British economy is expected shrink by as much as 11.5% in 2020.

The forecast puts the UK at the top of the pile for worst-affected nations, revealing that France and Italy will also be dealt severe financial blows as their economies contract by 11.4% and 11.3% respectively.

Germany’s decline in national income (GDP) is set to be 6.6% in 2020, while Spain’s will fall by 11.1%.

The OECD has warned that the world is set for the “most severe economic recession” in almost one hundred years.

In the event of a second-wave lockdown, the UK economy could contract by a record-breaking 14%.

Laurence Boone, the OECD’s chief economist, said: “Governments must seize this opportunity to engineer a fairer and more sustainable economy, making competition and regulation smarter, modernising government taxes, spending, and social protection.

“Prosperity comes from dialogue and cooperation. This holds true at the national and global level.”