UK Economy Enters Recession

 The economy of the United Kingdom has officially entered into a state of recession. The recession is however reportedly expected to last only a shortwhile and have minimal impact on residents of the country. The recession is as a result of the fall of the UK's Gross Domestic Product (GDP) by 0.3% in December 2023.

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According to the UK’s Office for National Statistics (ONS), the fall in GDP which was due to a decline in all main sectors of the economy, is the mildest the UK has experienced in the last 50 years. The recession is reportedly cause for concerns to British Prime Minister, Rishi Sunak, who made growing the economy a key part of the Conservative's platform. The Prime Minister had also promised to boost domestic growth ahead of an election expected later this year. The Bank of England has said it expects the GDP to pick up slightly in 2024, even though slow growth would still represent a difficult situation for Prime Minister, Rishi Sunak.