COVID-19: Economy Reports
Scottish Government State of the Economy Report, April 2020
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).
Read the State of the Economy Report Published on 21 April 2020.
The Economics Observatory (ECO) aims to offer insights into the economics of the Covid-19 crisis and recovery. The initiative, funded by the Economic and Social Research Council (ESRC), draws on the expertise of economists from over 25 universities and research institutions from across the UK.
Fraser of Allander Institute: Workers in the tourism and hospitality sector: who are they and what support may they need in the future?
One of the sectors currently most affected by the Coronavirus response has been tourism and hospitality. This sector was an early casualty of social distancing guidance, and in all likelihood, will be one of the last to go back to anything like normal.
Quite how this sector will look in a year’s time is very uncertain. People will still want to go out for meals and go on holiday after this crisis has subsided, but some businesses will be unable to survive until then. The financial implications for business owners and their employees will, therefore, be significant. This article looks at what we knew about the characteristics of people working in the sector before the crisis hit.
The report looks in detail at the accommodation and food services sector (AFS), which covers a large proportion (over 80%) of tourism related employment in Scotland.
Read the full report Published on 23 April 2020, by Fraser of Allander Institute
Scottish Business Monitor: findings by sector
The survey provided a stark illustration of the economic cost of the COVID-19 shutdown. Nearly 90% of the businesses that we engaged with had seen their turnover negatively impacted since the start of the crisis. Over 80% said the number of hours staff are working have also been negatively impacted. In this blog, we provide an overview of the experience within different sectors of the Scottish economy.
Read the Scottish Business Monitor Findings By Sector Published on 16 April 2020, by Fraser of Allander Institute
BCC Coronavirus Business Impact Tracker
Two-thirds of respondents awaiting funds from furlough scheme as payday approaches
Results from the 3rd BCC Coronavirus Business Impact Tracker reveal that the majority of businesses responding to the survey have now furloughed a proportion of their workforce, and are awaiting funds from the government’s Job Retention Scheme to enable them to pay staff.
66% of survey respondents have furloughed staff in anticipation of scheme going live
More than half of firms (59%) have three months cash in reserve or less
2% of firms surveyed had successfully accessed CBILS and 15% of those surveyed are now receiving grants
Read the BCC Coronavirus Business Impact Tracker Findings Published on 15 April 2020