The COVID-19 pandemic continues to dominate the outlook for the global economy. The introduction of social distancing measures earlier in the year helped to slow the spread of the virus and reduce the potential health impact.
While effective in managing the spread of the virus, those same measures had a significant impact on economic activity. Economic growth in Europe came to an abrupt halt, as GDP fell by 15.0% in the first half of the year. Among the major economies, falls in activity ranged from a 9.7% quarterly contraction seen in Germany to a drop of almost 20.0% in the UK, highlighting the asymmetric shock that the pandemic represents.
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