The COVID-19 pandemic triggered a severe global recession, with an unprecedented fall in the GDP of countries all over the world.

1. THE GLOBAL
ECONOMY
D o m e n Z a v r l
THE IMPACT OF THE
COVID-19 PANDEMIC ON

2. DOMEN ZAVRL
2
The COVID-19 pandemic triggered a severe global
recession, with an unprecedented fall in the GDP of
countries all over the world. As businesses and consumers
adapted to a world of lockdowns and quarantining,
economic growth was hampered significantly.
E C O N O M Y

3. DOME N ZAVRL
3
In the United Kingdom, the government and
the Bank of England put in place measures to
support businesses and workers and mitigate
some of the catastrophic financial impact of
the pandemic and related lockdowns. The
pandemic caused the UK’s GDP to drop by
11% in 2020, marking the most significant
decline since records began in 1948. Based
on less precise estimates, financial experts
assessed that the UK economic decline of
2020 was the largest since 1709.
Meanwhile, in the United States, a Scientific
Reports study revealed that the COVID-19
pandemic culminated in unprecedented life
expectancy losses not seen since the 1918
influenza pandemic. The report suggested
that this loss of life would culminate in a
$3.57 trillion deficient in national income
growth, pointing out that the actual sum was
likely to be higher since the report did not
assess long-term impairment or morbidity.
The pandemic caused the UK’s
GDP to drop by 11% in 2020,
marking the most significant
decline since records began
in 1948. Based on less precise
estimates, financial experts
assessed that the UK economic
decline of 2020 was the largest
since 1709.

4. DOMEN ZAVRL
You can learn more about the macro-
economic outlook for 2023 by visiting
the blog of Domen Zavrl.