Economic Slowdown: Not only Sri Lanka or Pakistan, the condition of Britain is also thin, the fear of recession in the country deepens
The virus of economic crisis is engulfing not only small countries but also developed economies. The discussion of recession and inflation in America has become common now. At the same time, Britain, now the economic power of the world, is also seen going into the grip of recession.
According to the latest economic data, the UK economy has once again declined in the June quarter. The only good thing is that this decline has been less than expected. The Office for National Statistics said Britain’s GDP declined 0.1 per cent in the April-June quarter, compared to a growth of 0.8 per cent in the previous quarter. GDP declined by 0.6 percent in June. Growth projections for May were cut from 0.5 per cent to 0.4 per cent.
health spending reduction
The statistics office said the reduction in health spending was the biggest contributor to the GDP decline. The government has reduced COVID-19 testing and vaccination programmes. It was also a tough quarter for many retailers, said Darren Morgan, director of economic statistics for the Office of National Statistics.
This is not the beginning of recession
Analysts said this decline does not mean the beginning of a recession. However, the Bank of England says the UK could hit a recession later this year. Inflation in the country has risen to 9.4 percent. With the rise in inflation, the cost of living of the people has increased.
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