U.K. GDP Collapses But It’s V-Shaped
The basic trade-off
The essential idea about this lockdown thing was that by killing the economy for a time we would be saving lives. This doesn’t seem to be how it has turned out for the UK. For it has the worst death rate for COVID-19:
(Deaths per 100,000 from Johns Hopkins)
There is some controversy about whether this is quite right given the manner in which deaths are being attributed.
But the point is that this is not, in the traditional telling, consistent with this:
(Comparative GDP …