The UK economy likely shrank by close to 11% in 2020, according to Deutsche Bank, marking the worst annual contraction in three centuries.
The bank said growth prospects for 2021 on the other hand remained positive on the whole.
“While tighter restrictions and some Brexit disruption will likely further disrupt the UK’s recovery in the first quarter of 2021, an earlier-than-expected rollout of vaccines should support the UK’s journey toward normalcy next year,” it said.
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DB said that while it’s early days, it expects the recovery to firmly begin from the second quarter of this year.
“We see growth coming in closer to 5% next year,” it said, adding that risks to its forecasts are firmly tilted to the upside.
By Michele Maatouk
Source: Sharecast
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