Covid-19 Executive Briefing

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

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- ECONOMIC IMPACT -

Latest update: 1 June 2020

Many economists have cut their GDP forecasts. The 2020 consensus forecast for GDP growth is currently -1.9%, with a recession expected.

Active job vacancies have plummeted, while unemployment has risen. More than one in six young people worldwide have stopped working.

-4.6%

The current Fitch forecast for world economic growth in 2020, which was revised down from April's forecast of -3.9%.

$8.5tn

The fall in global economic output over the next two years, according to the United Nations World Economic Situation and Prospects report.

Impact of Covid-19 on asset prices

- SECTOR IMPACT: CONSTRUCTION -

Latest update: 3 June 2020

3.1%  ->  -2.2%

Q4 2019 forecast

current forecast

Forecast revision for 2020 global construction output growth

GlobalData predicts that global construction output in 2020 will fall by 2.2%, a sharp downward revision compared to the Q4 2019 forecast of 3.1% growth.

Across Western Europe, GlobalData now predicts that construction output will decrease by 5.2% while in North America output is expected to drop by 6.6%. In the event that the spread of the virus continues into the second half of 2020, further downward revisions to the growth outlook are likely.

Supply chain and demand disruption

Briefing

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