Macroeconomic Forecast: GDP forecasts revised downwards again – Italy nears double digit decline

12th May 2020 (Last Updated May 12th, 2020 14:50)

12 May

The GDP growth forecast for European countries and the US have been revised downwards yet again — with estimates for France seeing the biggest drop.

Italy remains the country likely to take the biggest hit according to this week’s GlobalData forecasts, with the country’s economy expected to shrink by 9.4% during 2020.

France now expected to see a 8.4% shrinkage of GDP over the year, compared to last week’s estimate of 7.4%.

The UK economy is expected to shrink by 7.6% this year, Germany’s by 6.7% and that of the US by 5.3%.

Both China and India continue to register modest estimated positive growths of 0.8% and 1% respectively.

Stock markets have seen some positive growth from last week in all markets except India.

 

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We are using exclusive dynamic figures provided by GlobalData analysts to track key economic indicators in major world economies hit by Covid-19. Deaths from the virus are plotted alongside the indexed performance of each country’s major stock exchange. Figures are tracked daily from the March 1, 2020.

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