The COVID-19 pandemic has had a major impact on the global economy. The contraction was almost unprecedented.
While the recovery has started, as mandatory and voluntary actions to contain the spread of the pandemic have eased, the challenge remains substantial. Given the nature and scale of the pandemic’s impact, there remains an unusually high degree of uncertainty around the outlook, particularly given that its effects have been varied across countries and sectors.
In the UK, the path to recovery continues, with GDP rising for its third consecutive month in July as lockdown measures were further eased.
We expect August to continue this trend, especially with the UK PMI rising to a six-year high.