Index - 2019 Q4 = 100
Scenario period
March
forecast
100
90
80
Upside
scenario
Central
scenario
Downside
scenario
70
2019
2020
2021
2022
2023
2024
2025
Upside scenario Activity rebounds relatively quickly with no enduring economic scarring
Central scenario Output recovers more slowly. Real GDP is 3% lower in 2025 than in March forecast
Downside scenario Output recovers even more slowly, only returning to its pre-virus peak in 2024
Index - 2019 Q4 = 100
Scenario period
March forecast
100
90
Upside scenario Activity rebounds relatively quickly with no enduring economic scarring
Central scenario Output recovers more slowly. Real GDP is 3% lower in 2025 than in March forecast
Downside scenario Output recovers even more slowly, only returning to its pre-virus peak in 2024
80
70
2019
2020
2021
2022
2023
2024
2025