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Deloitte's chief economist comments on today's GDP figures
Commenting on the latest GDP figures, Ian Stewart, chief economist at Deloitte, said:
"In just a few weeks the lockdown shrank the economy by a quarter. The recovery has started, but getting lost growth back will take years, not weeks."
"Unemployment, rising debt and business insolvencies will weigh on the recovery. The economy is unlikely to return to pre-COVID levels of activity until 2022."
In this press release references to "Deloitte" are references to one or more of Deloitte Touche Tohmatsu Limited ("DTTL") a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.
Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.
The information contained in this press release is correct at the time of going to press.
For more information, please visit www.deloitte.co.uk.
Sunita Ghalley
sghalley@deloitte.co.uk
020 7007 6612 / 07789 036 944
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