Box sets » Forecast evaluation report - June 2026

Forecast evaluation report - June 2026 | Box: 3.1 | Page: 16

Evaluation of the July 2020 Fiscal sustainability report scenarios

Chart showing observed and forecast Real GDP growth and CPI growth

In this box, we assessed how the OBR’s 2020 Covid scenarios compared with subsequent economic and fiscal outturns. While GDP broadly evolved within the range of the scenarios, inflation and nominal GDP were much higher than expected, reflecting supply disruptions and the 2022 energy price shock.

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