United Kingdom’s economy shrinked by 2.6% in November
Kathmandu, January 15. The United Kingdom (UK)’s Office for National Statistics revealed on Friday that the country’s economy has fallen by 2.6% in November.
The country is headed towards a double-dip recession, as the GDP plunged by 20% in April 2020. According to the report the GDP has fallen 0.6% more than previous month.
The renewed restrictions in November took the GDP of UK 8.5% below the pre-pandemic level. United Kingdom enforced a first lockdown in January and a strict second lockdown in November after cases of covid was on the surge.
Economists have said that UK was recovering in the first half of December as the restrictions was eased. But the new strain of the virus has caused the rise in cases again, making the economic recovery difficult.
The economy of the UK is said to take two years to return to its pre-covid phase, as for 2021 the whole growth was pegged at 4.9% and for 2022 it was 5.3%.
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