The International Monetary Fund (IMF) predicts an overall fall of 10.2% for the UK in 2020, but many are optimistic for a rapid bounce back.
The IMF estimates that the entire world economy will shrink by 4.9% this year, making it the worst recession since the Great Depression in the 1930s. It is anticipated that there will be many job losses, less mobility in the employment market and pay rises will be hard to come by.
Graduates and school leavers could also find it harder to get their first job – hence the government are considering schemes to encourage firms to take on young people.
The pain of this recession will not be felt equally across society and inequality is likely to increase.