Britain’s economy slips into recession as growth stalls amid COVID-19 challenges.

Reuters reports: Data confirms UK economy entered recession in the past year

According to recent reports, Britain’s economy has entered a recession in the second half of 2023. The Office for National Statistics announced that Gross Domestic Product (GDP) had contracted by 0.1% in the third quarter and by 0.3% in the fourth quarter, remaining unchanged from initial estimates. Despite showing some improvement at the start of 2024, with GDP growing by 0.2% in January and unofficial surveys indicating continued growth in February and March, the country has been slow to recover from the impacts of the COVID-19 pandemic.

As a result, Britain’s economy is currently only 1% larger than it was in late 2019, making it one of the worst performers among Group of Seven nations, with only Germany experiencing a worse economic performance. The Bank of England has stated that British inflation is approaching a level where interest rate cuts can be implemented. The central bank predicts that the economy will only grow by 0.25% this year, while official budget forecasters anticipate a 0.8% expansion in the economy.

Following the release of these figures, the value of the British pound remained relatively stable against both the U.S. dollar and the euro. Despite some signs of improvement earlier in the year, it’s clear that Britain’s economy still has a long way to go before it fully recovers from

According to recent reports, Britain’s economy has entered a recession in the second half of 2023. The Office for National Statistics announced that Gross Domestic Product (GDP) had contracted by 0.1% in the third quarter and by 0.3% in the fourth quarter, remaining unchanged from initial estimates. Despite showing some improvement at the start of…

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