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The Wall Street Journal: 2020 saw the biggest contraction of Britain's economy in three centuries



The "Wall Street Journal" newspaper said that Britain's economy recorded its largest contraction in more than 300 years, in 2020, according to official estimates, which highlights the economic losses of the Corona epidemic in a country that has also suffered from the most deadly outbreaks of the disease in the world. .


The newspaper pointed out, that although Britain is fighting a new highly contagious type of Corona virus, Prime Minister Boris Johnson hopes that the rapid vaccination campaign will allow for the gradual reopening of the economy in the coming months, paving the way for a rapid recovery at a later time.


The British Office for National Statistics said on Friday that the gross domestic product shrank by 9.9% over the whole year, the largest drop among the Group of Seven economies.


The French economy shrank by 8.3% and the Italian economy shrank by 8.8%, according to temporary estimates, while the German GDP decreased by 5%.


According to Bank of England data, the decline in Britain's GDP in 2020 was the largest in more than 300 years, although the first estimate is likely to be revised. Bank of England data shows that the economy recorded a similar decline again in 1921, when it contracted by 9.7% during the recession that followed World War I. The British economy recorded a further contraction of 13% in 1709, during a severe winter known as the Great Frost.

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