The economic cost of the Covid-19 pandemic has become truly frightening. In October, the UK’s Institute for Fiscal Studies (IFS) projected a 2020/21 budget deficit for the country ranging from £345 billion (16.7% of GDP) under an optimistic scenario to £376 billion (18.9% of GDP) in a pessimistic one.
Back in March, the forecast was just £55 billion (2.4% of GDP).
During the summer, French budget minister Gerald Darmanin forecast a budget deficit of 11.4% this year, up from 2% in December 2019.
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