Covid-19 Executive Briefing

Understanding the economic impact of the Covid-19 pandemic and the implications for the construction sector

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Latest update: 6 April 2020

Many economists have cut their GDP forecasts. The 2020 consensus forecast for GDP growth is currently negative and many predict a recession.

Unemployment rates are expected to rise in all major economies. The International Labour Organization estimates 25 million job losses worldwide.

2.4% - 1.5%

The OECD's forecast for global growth in 2020, with some consensus estimates being far lower.


Expected reduction in investments in the commodity-rich exporting nations, according to UNCTAD.

Impact of Covid-19 on asset prices


Latest update: 6 April 

3.1%   ->   0.5%

Q4 2019 forecast

current forecast

Forecast revision for 2020 global construction output growth

GlobalData predicts that global construction output growth in 2020 will be just 0.5%, a sharp downward revision compared to the Q4 2019 forecast of 3.1%.

Across Western Europe, GlobalData now predicts that construction output will decrease by 1.9% while in North America output is expected to drop by 1.0%. Further downward revisions to these forecasts are likely in the event of prolonged lockdowns or stricter enforcement.

Impact on projects and businesses