Naman Ramachandran The U.K. economy is in a technical recession after the second quarter of 2020 (April to June) saw a record Gross Domestic Product (GDP) fall of 20.4%, following a “significant shock since the start of the coronavirus pandemic,” according to figures released by the Office of National Statistics (ONS) on Wednesday.This follows a fall of 2.2% during the first quarter of 2020.This is the first U.K.
recession since the global financial crisis of 2008. ONS statistics show that the second quarter of 2020 is now 22.1% below the fourth quarter of 2019, which is more than three times greater than the total fall during the next largest recession period, which occurred during the global economic downturn of 2008 to 2009.
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