Britain: Britain Faces the Worst Economic Recession in its History

Britain: Britain Faces the Worst Economic Recession in its History After recording the continuation of the economic contraction for the second quarter of this year by 20.4 percent, Britain is entering a state of economic recession, the worst since these quarterly numbers began to be recorded in 1955. Due to the lockdown resulting from the outbreak of the Coronavirus and the suspension of economic movement, many Britons lost their jobs and these numbers are expected to increase in the coming months, according to the Finance Minister. With the release of these numbers, the United Kingdom recorded the worst economic performance in the second quarter in Europe. The United Kingdom, which was struck by the Covid-19 pandemic is in the second quarter of this year, recording a contraction in its economy by 20.4 percent, to face its worst recession since these quarterly figures began to be recorded in 1955. Any country enters into a recession after recording a contraction in GDP for two consecutive quarters. The Office for National Statistics, which published these figures on Wednesday, indicated that this is the first technical recession in Britain since 2009 and the financial crisis. It said also that the largest part of this downturn, which began to have effects in March, was recorded in April when the country was almost completely closed, leading to a 20 percent decline in production. With the announcement of these figures, the United Kingdom recorded the worst economic performance in the second quarter in Europe, ahead of Spain (-18.5 percent) and much worse than France (-13.8 percent). However, after the return of economic activity with the easing of isolation measures, GDP rose in May by 2.4 percent, followed by an acceleration in June (+8.7 percent) due to the reopening of all sectors, according to the same office.   You might also be interested in:

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