UK Economy Recovering Dramatically Worse From Covid Than EU and US

The UK economy has been hit by the worst recession in a hundred years. The initial wave of Covid-19 halted economic activity across the country, causing GDP to plunge by almost 20% in the second quarter of 2022. Despite the massive impact, the UK economy recovered dramatically, recovering to pre-Covid levels by December. Despite this, it is still eight percent below pre-pandemic levels, a much worse situation than the EU and US.

In the first month following the pandemic, social spending in the UK was 80% below pre-Covid levels. By the end of December, social spending was half of what it had been in March. This is a sign of how much the UK economy still has to recover. Despite these grim figures, the recovery has been slow. The UK economy has also been hit by a soaring energy price and a worsening cost of living.

The UK’s economy suffered the biggest shortfall in volume GDP relative to other G7 economies, falling 8.6% in the first six months of 2020. The shortfall in government and household spending accounts for around three-quarters of the 8.6% volume GDP shortfall. However, the UK economy has also suffered the biggest hit to other forms of expenditure.

The pandemic has also led to a decline in crime rates, which might result in increased flexibility in the way people work. In addition, scientists around the world have increased their cooperation to identify and eradicate the virus that causes Covid. With this information, scientists can help shape a more sustainable and fair society.