Incomes of G7 People Already on the Decline: Kantar

Arslan Butt•Friday, April 17, 2020•1 min read

A recent survey by Kantar indicates that the ongoing coronavirus pandemic has already caused a significant downfall in earnings among people residing in G7 countries. According to the poll, around 37% of respondents have revealed a drop in their incomes while 8% of people have lost their entire income in the wake of the pandemic.

People living in Italy, Canada and the US are among the leading group of respondents who have experienced a decline in their incomes. Economists and analysts worldwide have speculated that the coronavirus crisis could have a severe impact on the global economy and it would take a long time for recovery to attain pre-pandemic levels.

So far, the IMF has estimated that the world’s economy could contract by at least 3%, with several leading economies heading into recession as a result of the shutdowns, rising levels of unemployment, and disruptions in global trade and consumer demand. According to IMF’s estimates, the downturn could be more severe than the Great Depression from the 1930s.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.