{"id":113615,"date":"2022-08-24T12:10:22","date_gmt":"2022-08-24T06:40:22","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=113615"},"modified":"2022-09-09T15:08:26","modified_gmt":"2022-09-09T09:38:26","slug":"u-ks-growth-11-in-2020-worst-in-300-years","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/u-ks-growth-11-in-2020-worst-in-300-years\/","title":{"rendered":"U.K\u2019s Growth -11% In 2020 Worst In 300 Years"},"content":{"rendered":"\n<p>Britain\u2019s economy shrank by a record-breaking<strong>&nbsp;9.9% in 2020<\/strong>, new&nbsp;figures&nbsp;by the Office of National Statistics show, highlighting the impact of Covid-19 restrictions, employment uncertainty and reduced demand, with limited growth in the final quarter narrowly avoiding a double-dip recession.<\/p>\n\n\n\n<p><strong>KEY FACTS<\/strong><\/p>\n\n\n\n<p>The 9.9% annual contraction is more than twice that seen in 2009 in the aftermath of the global financial crisis, and narrowly worse than the 9.7% slump during the crisis of 1921. The U.K. economy contracted by 9.9% in 2020, its largest annual contraction since the Great Frost of 1709, as the coronavirus pandemic ravaged economic activity.<\/p>\n\n\n\n<p>Though the economy grew 1% in the last quarter when looser restrictions boosted the services industry, overall output was down 7.8% from the last quarter of 2019, the ONS said. The slump is twice that of the 2009 financial crisis and is possibly the&nbsp;<strong>worst in 300 years<\/strong>, with models from the Bank of England suggesting a decline of 13% during the Great Frost of 1709.<\/p>\n\n\n\n<p><strong>Some Positives:<\/strong><\/p>\n\n\n\n<p>While there are some positive signs of the economy\u2019s resilience over the winter, we know that the current lockdown continues to have a significant impact on many people and businesses,\u201d&nbsp;<strong>Rishi&nbsp; Sunak<\/strong>&nbsp;said, adding that his focus \u201cremains fixed on doing everything we can to protect jobs, businesses and livelihoods. Strict public health measures and a resurgent wave of Covid-19 infections driven by a dangerous new variant of the virus have the&nbsp;<strong>U.K. economy likely&nbsp;falling&nbsp;again in 2021<\/strong>. While the U.K. has the&nbsp;worst&nbsp;coronavirus death rate in the world, it also has one of the best vaccination records, priming the country for an economic comeback.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Britain\u2019s economy shrank by a record-breaking&nbsp;9.9% in 2020, new&nbsp;figures&nbsp;by the Office of National Statistics show, highlighting the impact of Covid-19 restrictions, employment uncertainty and reduced demand, with limited growth in the final quarter narrowly avoiding a double-dip recession. KEY FACTS The 9.9% annual contraction is more than twice that seen in 2009 in the aftermath [&hellip;]<\/p>\n","protected":false},"author":894,"featured_media":113616,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4851],"tags":[82,58],"class_list":["post-113615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-august-2022","tag-economy-current-affairs","tag-international-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/113615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=113615"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/113615\/revisions"}],"predecessor-version":[{"id":113617,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/113615\/revisions\/113617"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/113616"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=113615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=113615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=113615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}