The United Kingdom has officially entered a recession in the second half of 2023, according to recent data released by the Office for National Statistics (ONS).
Britain's economy experienced a contraction of 0.3% in the three months leading up to December, following a 0.1% shrinkage between July and September. These consecutive quarters of negative growth have satisfied the technical criteria for a recession.
This economic downturn highlights the challenges faced by the UK amidst global uncertainties and domestic pressures, impacting businesses, consumers, and the overall financial landscape.
Reference(s):
cgtn.com
