Home Business News Majority of Brits think the economy is set to get worse

Majority of Brits think the economy is set to get worse

by LLB Editor
20th Oct 20 11:40 am

COVID-19 is a global pandemic, but the leaders of every nation have made different decisions in the interests of health and financial stability. There is also disparity between views in each country of the shape of economic recovery and the current situation.

The latest ING International Survey, which asked almost 14,000 European and American respondents about their view of the impact of COVID and their outlook for the months ahead, shows that whilst attitudes differ between nations, the majority suspect that the economic situation in their country will worsen before things improve.

Respondents from the US are most optimistic, with just 53% of Americans agreeing “the economic situation is going to get worse before it gets better”. In contrast, a vast 78% of Spaniards agreed with the same statement.

James Smith, ING Developed Markets Economist, said: “We agree with the sentiment of the UK public, and think that the economic recovery is set to stall as we approach winter. Our survey findings tally with other, early signs that consumers are beginning to act more cautiously as Covid-19 transmission increases.”

“That, combined with the renewed threat of closures, rising unemployment, and the looming changes in UK-EU trading relations, suggests that the rebound in GDP we’ve seen over the summer could begin to reverse in the fourth quarter. All of this points to more economic stimulus from the Bank of England when it meets next in November.”

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