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Major G8 Economies Enter Technical Recession

Major G8 Economies Enter Technical Recession

(14 February 2024 – Global) The United Kingdom joined Germany and Japan in recession in Q4 2023, signifying an economic downturn for three of the world’s major Group of Eight (G8) economies.

China is experiencing crippling deflation and stagnant economic growth with the world’s second largest economy reeling from a spiralling property crisis following the Chinese Lunar New Year holiday.

The European Central Bank (ECB) revised down its GDP estimate for 2024 to 0.8 percent, adding further strain to Germany and potentially the UK as inflation slowly eases.

UK economic growth in 2023 as a whole was estimated at 0.1 percent - the weakest year since 2009 during the global financial crisis (GFC) excluding the economic collapse in 2020 during the pandemic.

“Rishi Sunak’s promise to grow the economy is now in tatters. The prime minister can no longer credibly claim that his plan is working. This is Rishi Sunak’s recession, and the news will be deeply worrying for families and business across Britain” stated Labour Shadow Chancellor, Rachel Reeves.

Denmark, Estonia, Finland, Japan, Luxembourg, Moldova, Peru, Ireland and the UK are all in recession.

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