Comparing G7 countries after impact of Covid-19
December 1, 2020 - The financial implications of the coronavirus pandemic among the G7 nations are expected to be felt most acutely in Italy, where its GDP is predicted to fall by almost 13% in 2020, according to Deloitte.
Covid-19 has caused the greatest anxiety for the Group of Seven (G7) industrialised nations' economies since World War II, and is likely to do so for many years to come.
The pandemic has left most people concerned about their health, and businesses on the brink of collapse due to falling demand from lockdowns and social distancing measures.
Governments and central banks reacted quickly to counter the downturn, authorising enormous stimulus packages to try and set recovery in motion, but such moves are no guarantee that recovery will be swift.
Consumer spending fell sharply in Q2, ranging from 8.2% in Japan to 23.1% in the United Kingdom.
Data on retail sales and manufacturing suggests that a recovery is likely now underway in G7 economies, although it's too soon to say whether this will be a sustained upswing.
Whatever the future brings, G7 nations will likely have to spend years healing wrecked economies and the deep scars to their health services and society as a whole.