I am right in saying that for an economy to be in a recession there needs to be 'two quarters of economic downturn'. So, yes, according to this definition and the data we in the UK are in a recession.
Although true, this seems that it won't hold any weight untill the news comes out and says that we are in a recession. I feel like we won't hear about this on the BBC for a while simply to BS the population. We don't have the unemployment of the US as the moment, because a lot of people are on furlough. However, I sense that there will be a time when the furlough ends (October I think) that these people won't have jobs to go to. Plus, when it hits winter there is likely going to be a '2nd wave' of COVID. Meaning perhaps more social distancing and job losses. I think the UK may even go into a depression. Am I right in saying that a depression is '4 quarters of economic downturn'?
You mention BREXIT has had a part to play in why we were in bad knick prior to COVID. The whole thing has been a total shambles.
Nice post though! Upvoted 100%!
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The news of the recession was published in the papers and on the BBC website today:
I agree, though, poorly handled by the UK government.
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GDP never went lower than -2.1% in 2008. We are currently at -20.4%. Good lord...
Your definition of a recession is correct, you are also correct in saying it's a lagging indicator. Yeah I came across an article talking about will England go into a 2nd depression, but didn't read it for purposes of this post. Yes, it appears that England is having a rougher time than Germany...which I didn't expect.
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