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: 28 July 2020

Many economists have cut their GDP forecasts; 2020 consensus forecast for world GDP growth is -4%, with a recession expected.

Worldwide unemployment continues to rise. Unemployment rate in the Eurozone stood at 7.4% with 12.15 million unemployed in May. 


Fitch Ratings forecasts that Eurozone GDP will contract by 8% in 2020. 


EY predicts the UK economy will take until 2024 to fully recover from the economic impact.

Impact of Covid-19 on hiring


Latest update: 29 July 2020

3.1%   ->   -3.2%

Q4 2019 forecast

current forecast

Forecast revision for 2020 global construction output growth

GlobalData predicts that global construction output will contract by 3.2% in 2020, a sharp downward revision compared to the forecast increase of 3.1% pre-Covid-19.

Across Western Europe, GlobalData now predicts that construction output will decrease by 8.1% while in North America output is expected to drop by 6.6%.. In the event that lockdown measures are maintained or re-imposed, further downward revisions to the growth outlook are likely.

Supply chain and demand disruption