Covid-19 Impact on Scotland’s Economy
The economic impact of the efforts to tackle the coronavirus (COVID-19) pandemic could see Gross Domestic Product (GDP) fall by around a third, according to a report by the Chief Economist.
The latest State of the Economy report, published by the Scottish Government’s Chief Economist Gary Gillespie, presents analysis showing that GDP in Scotland could fall by around 33% during the current period of social distancing, similar to estimates from UK and international bodies such as the Office for Budget Responsibility (OBR) and the Organisation for Economic Co-operation and Development (OECD).
Alongside a summary of latest economic developments, the report includes Scottish Government analysis of:
- channels through which COVID-19 is impacting Scotland’s economy;
- short term impact of social distancing on GDP and the labour market;
- exposure of different sectors to COVID-19 risks;
- medium term path of the economic recovery.
