It is a highly uncertain time for the global economy, with the increasing spread of Coronavirus (COVID19).
We’ve been asked by a number of people about the effect on the Scottish economy of COVID19. At this stage, it is difficult to tell how large the effect on economic activity in Scotland is or will be. In particular, given the significant uncertainty about the scale of the impact and in turn the government response.
On the wider issue of the impact on the global economy, there have been a number of interesting blogs. Rather than repeat the argument here, we would suggest reading Simon Wren Lewis’s blog on this here, a blog from the World Economic Forum here, this piece on The Conversation, and of course Nobel Laureate Paul Krugman in the New York Times.
Global pandemic fears notwithstanding, and in honour of tradition, we’ve produced updated nowcasts for the Scottish economy.