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Hit to GDP from pingdemic not huge, but unhelpful

We estimate that the “pingdemic”, which has contributed to 1.1 million people self-isolating in the week ending 14th July, could reduce monthly GDP by 0.5-1.0% and is surely exacerbating the current shortage of workers. That’s not a huge hit to the economy and fewer people will be self-isolating after the rules change on 16th August. But it is clearly not helpful.

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