Covid-19 briefing
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- ECONOMIC IMPACT -
Latest update: 21 October
After weeks of gradual decline, GDP estimates for many countries have levelled off.
Polls show that employment prospects have consistently improved since July.
-4.4%
IMF has revised its 2020 global GDP forecast to -4.4% from an estimate of -4.9% made in June.
-10.3%
The IMF has downgraded India’s growth forecast for fiscal year ending March 2021 to -10.3% in its October forecast.
Impact of Covid-19 on employment outlook
- SECTOR IMPACT: POWER -
Latest update: 7 October
employment impact
620,000
Around 620,000 US clean energy workers have lost their jobs since March.
38%
Through June 2020, the solar industry in the US will employ 188,000 workers, rather than the 302,000 that was originally forecasted – a 38% decline.
Revenue predictions
During H1 2020, generation in Europe was 6.2% lower than H1 2019.
Renewable generation bucked the trend by growing 10.3%.
Between Jan – May 2020, US generation was 4.8% lower than the
same period in 2019. Renewable and gas both grew in this period.
Coal-fired generation is expected to suffer the maximum decline,
falling 10% in 2020. Gas-fired generation would be hit hard, declining
by about 7% for the year.
key power market developments
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