Yael Selfin, Chief Economist at KPMG UK, comments on the report, regarding COVID-19 brings UK economy to temporary halt.
- KPMG forecasts UK GDP decline of 2.6% for 2020, assuming the COVID-19 pandemic can be contained by the summer, with a sharp recovery in the first half of 2021 as uncertainties around the pandemic dissipate
- A more enduring outbreak could prompt a fall of 5.4% this year
- Consumer spending and business investment will be particularly hard hit due to COVID-19 related disruptions and uncertainty
- KPMG forecasts flat growth in the second half of this year, but a sharp recovery in in the first half of 2021, with UK GDP growth of 1.7% in 2021.
Read the full press release on the KPMG website