Britain faces the biggest economic shock in 300 years due to Corona-virus

Corona Lockdown: An alarming situation for the British economy. The crisis created by Corona can be far greater than the catastrophic loss of the World War. 

Rishi Sunak Predicts that Britain is facing the biggest economic shock due to COVID-19 

LONDON: British Finance Minister Rishi Sunak says the UK is suffering from the biggest economic crisis in 300 years due to Coronavirus Lockdown, while the British Budget Office has predicted the worst decline in GDP of history. 

According to the reports, British Finance Minister Rishi Sunak said in his statement that the UK is suffering from the biggest economic crisis in 300 years, that by the time the country's economy can go down by 35%, it will not be possible for us to save every business. 

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The British Budget Office predicts the worst shortfall in history in the GDP, saying the crisis created by Corona could be far greater than the catastrophic loss of the Great War. 

The budget office said that by June, the number of unemployed could be 3.4 million, with national debt expected to rise 100 per cent. 

Remember that the IMF predicts a 6.5% deficit this year in the British economy, the financial institution has said that this year will be the worst for the British economy since 1921. 

Meanwhile, the IMF presented a grim picture of the global economy, a situation created by the global outbreak of the Coronavirus, with its effects far worse than the great economic crisis that came a decade ago. 

It needs to be considered that, coronavirus is adversely effecting economies of developing countries like Pakistan, India, Nepal and Srilanka etc. Most of the population is under the poverty line which makes it extremely difficult for them to lockdown their countries.

The IMF released data for all countries of the world, saying that the global economy is expected to suffer a 3% deficit this year, the deficit in European countries will be even higher than that of the UK, Italy and Spain in European countries will be the most affected.