|[Published: Saturday July 11 2020]
Moody’s: UK to suffer worst crash of any big economy
LONDON, 10 July. - (ANA) - The UK will suffer the worst economic crash of any major economy this year, credit ratings agency Moody’s has predicted, with GDP shrinking 10.1 per cent.
Moody’s also said government debt as a share of national income will balloon by 24 percentage points, two days after chancellor Rishi Sunak vowed to pump up to £30bn more into the coronavirus-hit economy.
The UK economy will rebound with growth of 7.1 per cent in the 2021, the credit ratings agency said. Moody’s said it predicts a “gradual recovery,” Reuters reported.
It said the government’s huge fiscal stimulus package will help the economy bounce back but will hit the UK’s public finances hard. - (ANA) -
AB/ANA/11 July 2020 - - -