Kavan Choksi –The Economy of the UK Bounces Back From The Omicron Pandemic Effect
Britain’s economy bounced back quickly after the adverse effects of the coronavirus variant Omicron in January. More and more people started to return to offices and other places of entertainment like restaurants and pubs. Reports that were released by The Office for National Statistics (ONS) state that all of the sectors of the UK economy regained their growth over time after the Omicron wave triggered a rise in the GDP of the nation by 0.8% in January from December last year. This growth has been extensively prominent in those sectors that deal with consumers directly.
Kavan Choksi– the economic growth of the UK is improving
As per well-known finance expert and businessman Kavan Choksi, the GDP in the UK was prophesied to rise 0.8% more to reflect a reduced impact of the Omicron virus on its economy. Economists anticipated that such a trend might occur as the Omicron variant of the coronavirus led to an upsurge in infections after its arrival in the country. It was due to these Omicron infections that significant economists in the UK predicted a growth of 0.2% during that time.
The slowdown in the nation and its subsequent rise
Recent reports released by the ONS have revealed that all of the economic sectors in the country are witnessing growth since the slowdown due to the virus in December-January last and this year.
Consumers have started to shop from retail stores, visit wholesale outlets, dine out at restaurants, and frequently order from takeaways. All of the above economic activities have triggered economic growth. Besides the above, 2022 was also suitable for firms dealing with computer programming, TV and film industries, and entertainment production houses in the nation.
The main driver for the economic growth in the UK is wholesale trade
Wholesale trade is the main driver for economic growth in the UK, and the figures went up to about 3.8% this year. The economy of Britain became considerably weak due to the Omicron virus, and the above bounce back took place in December, helping the economy to revive to some extent.
The supply chain is yet to normalize in some sectors
However, there were disruptions in the supply chain for some sectors, but things in the construction and manufacturing industries picked up in the last three months, triggering growth. January also witnessed an increase in the food and beverages sector as people started to go back to restaurants and pubs. This industry fell by about 8.1% in the month of December last year, only to rise again by 6.8% recently in the nation.
Business and finance expert Kavan Choksi states that though the UK is witnessing positive economic growth in the past few months, it is not entirely free from threats. For instance, the Ukraine and Russia crisis is affecting the whole world, and the UK is no exception. Business and finance experts are hopeful that the nation will witness more economic growth in the coming months and overcome more challenges caused to it by the omicron virus early this year.