|
Getting your Trinity Audio player ready...
|
Economy of UK, Japan enter recession
Britain’s economy has officially entered a recession, according to data released on Thursday.
This news comes as Japan also announced its entry into a recession on the same day, underlining global economic challenges.
The British Office for National Statistics reported a 0.3 percent contraction in GDP in the fourth quarter of 2023, following a 0.1 percent decline in the previous three months.
This marks two consecutive quarters of falling GDP, meeting the technical definition of a recession.
READ ALSO: Soaring energy prices slip Hungary’s economy into recession
The news is a significant blow to Prime Minister Rishi Sunak, who has prioritised economic growth.
With the Conservative Party facing tough poll numbers and the prospect of losing key seats in upcoming by-elections, the timing couldn’t be worse.
Despite the bleak data, economists believe that the recession may be short-lived, with early indicators suggesting that recovery is already underway.
While all main sectors of the economy experienced declines in the fourth quarter, analysts remain cautiously optimistic about the outlook.
The British economy saw minimal growth of 0.1 percent in 2023, a stark contrast to the robust 4.6-percent expansion seen in the previous year.
Follow the Neptune Prime channel on WhatsApp: https://whatsapp.com/channel/0029Va74ZvU2v1IqKByXoX3d
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
