Frank Birch Veteran   Posts: 171 Joined: 3/25/2006 Location: UK  User Profile | Hi to all, these where my findings back in August, this is the powers at be and what they have come up with? The United Kingdom is currently facing a heightened risk of recession, as indicated by its economic performance in the third quarter of 2023. Official figures have shown that the UK's Gross Domestic Product (GDP) shrank more than expected during this period, which raises concerns about the country entering a recession. A recession is typically defined as two consecutive quarters of negative growth. This downturn in the economy is partially attributed to factors such as high energy costs and interest rate hikes by the Bank of England, which were responses to the tight labor market and the surge in gas prices following Russia's invasion of Ukraine. The UK's economic recovery since the onset of the COVID-19 pandemic has been one of the weakest among the G7 countries, only ahead of Germany. Despite this, there are predictions of a more optimistic economic outlook for 2024, with expectations of slowed inflation, reduced tax burdens, and increased welfare benefits potentially leading to a more stable economy. In contrast to the UK, the global economic outlook varies, with some countries expected to perform better than others. The International Monetary Fund (IMF) has projected that the UK economy will grow by 1.0% in 2024, which is weaker than most other G7 economies, except for Italy, but on par with Japan's expected growth rate. Overall, the UK's current economic situation is complex, with signs of both challenges and potential recovery on the horizon. The exact trajectory will depend on various factors, including governmental fiscal policies, global economic conditions, and domestic economic activities. Now these people have an education way past mine and its taken this long to realise the state of the world. How funny. Regards Frank Birch | |
