Amid pandemics and protests, is Britain facing its worst economy since the Great Frost of 1709?
In that winter three centuries ago, temperatures were so consistently low that crops withered, wine barrels burst and people froze to death in their homes. The economy was devastated — historians think the country’s gross domestic product declined 13 percent over the year.
This distant memory returned to the minds of Britons last month, when a monetary policy report released by the Bank of England, Britain’s central bankers, warned that the country’s economic output could fall 14 percent through 2020.
Other groups have since released similar predictions: The Organization for Economic Cooperation and Development on Wednesday suggested that Britain’s economy would sink by 11.5 percent this year, the worst of any nation measured, if there isn’t a second wave of infections.
This predictions suggest that Britain, which has the fourth-highest number of confirmed cases of the novel coronavirus, will suffer more economically this year than most, if not all, developed nations.
This Friday, the Office for National Statistics (ONS) will release economic data for …continued .
[Source: Washington Post]