Restrictions could curb UK GDP growth – US losing status as economic superpower

21st September 2020 (Last Updated September 21st, 2020 10:55)

21 September

The UK is facing resurgence in cases forcing the government to take drastic measures to curb the infection rates.

A new set of restrictions and the possibility of another national lockdown threaten to wipe out many sectors particularly the hospitality industry.

John Ashcroft, economics and financial markets expert, shared an article on how the hospitality industry in the UK is on the verge of collapsing.

Owners and operators in the hospitality industry are calling for the implementation of various steps including extension of the current furlough scheme until the end of October, extension of the VAT cut and reduction in beer duty.

The new restrictions are expected to impact the recovery of the UK’s economy and the recent increase in GDP growth may be short-lived, the article noted.

Meanwhile, Professor Steve Hanke, an economist at Johns Hopkins University, shared a chart on how the US is losing its status as a superpower.

A poll conducted by Pew Research Center has revealed that majority of respondents from countries such as Germany, the Netherlands, Italy, Belgium, Australia, and France felt that China is emerging as the biggest economic power.

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