UK Economy in Recession in Second Half Of 2023: Reports

Britain has entered into a recession after recording two successive quarters of negative economic growth in the second half of last year, according to official data released on Thursday, February 15.

The Office for National Statistics reported that gross domestic product shrank by 0.3% in the fourth quarter of 2023 after contracting by 0.1% in the previous three months. This meets the technical definition of a recession.

On the other hand,  Japan's economy has contracted unexpectedly, pushing the country into recession and causing it to lose its position as the world's third-largest economy to Germany, reported CNN. Gross domestic product shrank at an annualized pace of 0.4% in the last three months of 2023, the Cabinet Office said on Thursday, after having contracted in the previous quarter.