Omicron Absenteeism Could Cause $48 Billion Hit to U.K. Economy
(Bloomberg) -- Staff shortages caused by Covid-19 illness and mandatory isolation could result in a 35-billion pound ($48 billion) loss in output over January and February, according to The Sunday Times.
The projected loss is equivalent to 8.8% of gross domestic product and based on government planning assumptions of a 25% absenteeism rate, the study conducted by the Centre for Economics and Business Research showed.
Even a more conservative estimate of 8% absenteeism -- which is three times the seasonal average -- could result in loss in output of 10.2 billion pounds, or 2.6% of GDP.
The CEBR said much of the lost output could be made up during the rest of the year.
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