• Thu. Jun 13th, 2024

Britain’s Economy Still Struggles to Recover from COVID-19 Pandemic as Inflation and Slow Growth Loom

BySamantha Johnson

Mar 28, 2024
Reuters reports: Data confirms UK economy entered recession in the past year

In the second half of last year, Britain’s economy entered a recession, as confirmed by official figures released on Thursday. The Office for National Statistics reported that Gross Domestic Product (GDP) had contracted by 0.1% in the third quarter and by 0.3% in the fourth quarter, remaining unchanged from the initial estimates. Despite some signs of improvement at the start of 2024, with GDP growing by 0.2% in January and unofficial surveys indicating continued growth in February and March, the country has been slow to recover from the impacts of the COVID-19 pandemic. As a result, the economy is currently only 1% larger than it was in late 2019, with only Germany within the Group of Seven nations experiencing a worse economic performance.

The Bank of England has stated that British inflation is approaching a level where interest rate cuts can be implemented. The central bank predicts that the economy will only grow by 0.25% this year, while official budget forecasters anticipate a 0.8% expansion in the economy. Following the release of the data, the value of the British pound remained relatively stable against both the U.S. dollar and the euro.

However, despite some signs of improvement at the start of 2024, Britain’s economy remains far from recovered from

By Samantha Johnson

As a dedicated content writer at newsanguinely.com, I weave words into compelling stories that captivate and inform our readers. With a passion for storytelling and a keen eye for detail, I craft engaging articles that shed light on the latest news and trends. When I'm not typing away at my keyboard, you can find me exploring new ideas, researching diverse topics, and striving to deliver content that resonates with our audience. Join me on this journey as we uncover the stories that matter most.

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