Scotland economy could shrink by 12% this year

Bloomberg

Scotland’s economy could shrink by 12% this year as a result of restrictions put in place to combat the spread of the coronavirus outbreak, while the government said the financial hit was no reason to ease the lockdown prematurely and risk greater harm.
The overall picture for the year is based on output declining by a third during the peak months of keeping people at home, the Scottish government’s chief economist, Gary Gillespie, said in a report. The numbers are broadly in line with the UK as a whole.
“The Covid-19 pandemic is a health crisis that has now become an economic crisis,” he said. “Our analysis suggests that there could be a 33% fall in gross domestic product during the current period of social
distancing.”