UK records deepest recession among top economies

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Last edited Wed Aug 12, 2020, 08:45 PM - Edit history (1)

Britain has suffered the deepest recession among the world’s top economies this year, shrinking by a fifth in the second quarter alone when much of the economy was mothballed as part of efforts to contain the coronavirus pandemic.

The 20.4% Second Quarter drop is the worst since quarterly records began in 1955, the Office for National Statistics said - and means Britain is in recession for the first time since 2009.

Britain’s recession is deeper than those recorded by comparable economies in Europe - notably Germany (-10.1%), France (-13.8%), Italy (-12.4%), or the United States (-9.5%).

Canada and Japan, the remaining members of the G-7 leading industrial nations, have yet to publish their second-quarter numbers but no economist thinks they will be as bad as the U.K.’s.

At: https://abcnews.go.com/International/wireStory/uk-economy-officially-recession-204-q2-slump-72321579

British Prime Minister Boris Johnson addresses workers at MTX, a leading British construction firm, recently.

Johnson's Britain, which leads Europe in Covid-19 deaths at nearly 47,000, also leads major economies as far as the severity of its 2nd Quarter downturn.