The UK economy fell into a recession in the second half of 2023, with a larger-than-expected contraction of 0.3% in the final quarter of the year. This follows a 0.1% decline in GDP between July and September, diverging from economists’ predictions of a smaller 0.1% decrease for the October-to-December period. Despite these economic setbacks, the Bank of England remains hopeful about the country’s economic prospects for 2024, forecasting a rebound in growth. Japan Slips Into Recession, Loses Its Spot as World’s Third Largest Economy to Germany.

UK Economy in Recession

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