Economic Report 2020

GDP Trends — Global and UK

0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000

600

Global GDP (USD) Global GDP (GBP)

500

400

300

200

Global Annual GDP ($/£ Billion)

100

0

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Forecast

UK Quarterly GDP (£Billion - 2018 Money)

Source: IMF

2000 Q1

2001 Q1

2002 Q1

2003 Q1

2004 Q1

2005 Q1

2006 Q1

2007 Q1

2008 Q1

2009 Q1

2010 Q1

2011 Q1

2012 Q1

2013 Q1

2014 Q1

2015 Q1

2016 Q1

2017 Q1

2018 Q1

2019 Q1 Source: ONS

2020 Q1

It is anticipated that 2021 will see a return to growth, however the extent of this will vary and it will take time for the global economy as a whole to return to its pre- COVID trajectory. The OECD 5 predicts that by the end of 2021 around $7 trillion will have been lost from global GDP compared to previous projections. The economic recovery will be defined by a number of factors, mainly government actions to control continued spread of the

virus, including development and roll out of vaccines, and measures to support consumer and investor confidence. Many governments, including the UK, have committed to a green recovery from the impact of COVID-19. This involves combiningmeasures to boost the economy whilst progressing policies aligned with net zero ambitions. There are a number of growth opportunities for the oil and gas sector in support of this.

5 https://read.oecd-ilibrary.org/view/?ref=136_136495-20g6l69n4a

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