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Bobby Kennedy was right: GDP is a poor measure of a nation’s health
Economically, 2020 was a terrible year for the UK, but the real damage will not be easy to assess
Next month it will be official. Figures will provide the first estimate of by how much the UK economy shrank in 2020. Depending on what happened when lockdown restrictions were temporarily eased in December, the likelihood is that there was a fall of about 10%.
That will be the signal for all sorts of comparisons. Germany, which has already released data, contracted by 5% last year. Numbers for the US are not yet out but will probably show the world’s biggest economy suffered a 4-5% drop in gross domestic product. China grew by about 2%.
Read the original article at The Guardian