The impact on education is forecast to be greater even than that on the hospitality industry, which has been almost entirely closed down by efforts to contain the spread of the virus.
Universities will bear the brunt of the loss, as their income from tuition fees plunges and international students stay away.
The economy is expected to shrink by as much as 35% over the second quarter of the year, if the lockdown is maintained for three months, according to figures released by the U.K. government’s independent economics watchdog, the Office for Budget Responsibility (OBR).
And sector-level analysis reveals that education will be the worst affected area of the economy, losing as much as 90% of its output over the April to June period.
This is a bigger blow than the forecast 85% impact on the hospitality industry – accommodation and food services – even though the hotel and restaurant trade has been almost completely closed down.
Chosen excerpts by Job Market Monitor. Read the whole story @ Education Will Be Hit Harder Than Hospitality As Coronavirus Lockdown Devastates Economy