Photo: Collected
Metropolis Desk-
The United Kingdom is about to fall into recession. The country’s recently published government statistics showed that the economy contracted in July-September last year. It is feared that the country will fall under the grip of recession.
The UK economy shrank by 0.2% in the July-September quarter, according to official figures. This contraction in the economy occurs mainly because the country’s businesses and families are affected by the increase in the price of goods, reports BBC.
Generally, a country is considered to be in recession if its economy contracts for two consecutive quarters. It is assumed that the country’s economy will contract at the end of this year, in the October-December quarter. And then the UK will be considered to be in recession.
