Download GlobalData’s Covid-19 Executive Briefing report
- ECONOMIC IMPACT -
Latest update: 18 November
After weeks of gradual decline, GDP estimates for many countries have levelled off. Negative GDP growth is forecast in all countries except China.
The European Commission estimates that
the Euro Area economy will contract by 7.8% in 2020 and then recover to 4.2% in 2021.
Consensus forecast for global GDP growth in 2020.
The EU’s seasonally adjusted unemployment rate for September 2020.
Global real GDP growth
% change on previous year
Pre-Covid-19 2020 forecast
Adjusted 2020 forecast
The cost of Covid-19
Estimated monthly cost of th Covid-19 pandemic globally
Cumulative loss for the global economy over the next two years
- SECTOR IMPACT: CONSTRUCTION
Latest update: 2 December
The construction industry will be subdued beyond the immediate period of lockdowns and other containment measures despite huge government stimulus packages.
GlobalData predicts that global construction output will contract by 3.1% in 2020 a sharp downward revision compared to the forecast increase of 3.1% pre-Covid-19.
Covid-19 containment measures are being imposed again in major markets, but in many markets the construction sector is being permitted to continue to work as normal. However, the wider negative impact on the economy from the Covid-19 crisis will weigh heavily on investment in the coming quarters, which could result in projects being cancelled or pushed back.
Supply chain and demand disruption
The construction industry will be heavily affected by the economic downturn. Planned projects are at a high risk of being delayed or cancelled.
In the short term there is a high risk of projects in execution being halted because of lockdowns, a lack of materials, and other supply chain disruption.
Projects at pre-construction stages are at risk of cancellation, given the weak economic environment, or delayed owing to disruptions in processing building permits, tendering and awarding contracts.
Construction sub-sector impact