UK goes into recession in over 1 decade due to coronavirus

UK goes into recession in over 1 decade due to coronavirus

- There are fears that many citizens of the UK will lose their jobs very soon

- This is as the nation's economy has been plunged into serious recession

- The UK government on Wednesday, August 12, disclosed that the nation's GDP suffered a 20.4% contraction

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Official reports have it that the United Kingdom (UK) has been plunged into economic recession due to the harsh commercial effects of the coronavirus pandemic.

According to a statement by the UK's Office for National Statistics (ONS), the country faced its worst Gross domestic Product (GDP) contraction in 11 years especially between April and June 2020.

In figures, the ONS reported that the nation's economy shrank by 20.4% following the closure of shops, factories and many construction establishments resulting in the loss of jobs for many citizens, BBC reports.

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UK goes into recession in over 1 decade due to coronavirus

UK's prime minister, Boris Johnson (Source: UGC)
Source: UGC

What is even more worrisome is that Rishi Sunak, the UK's chancellor, said that it is possible that more Britons will lose their jobs in the nearest future.

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Rishi said: "Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will.

"But while there are difficult choices to be made ahead, we will get through this, and I can assure people that nobody will be left without hope or opportunity."

Meanwhile, Legit.ng reported that the finance minister, Zainab Ahmed, had said Nigeria’s economy would go into a recession based on the current assessment by the Nigeria Bureau of Statistics (NBS).

Ahmed told journalists shortly after the national economic council meeting in Abuja on Thursday, May 21, that the current data shows that the economy will go into a recession at an average of -4.4%.

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“The National Bureau of Statistics (NBS) has made an assessment. So, it is the NBS assessment that Nigeria will go into a recession measuring at an average of -4.4%," she said.

The minister noted that the federal government was trying to reduce the impact of the recession on Nigerians through stimulus packages.

She said the economic team is making efforts to ensure that the recession was shallow so that the country could quickly come out of it in 2021.

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Source: Legit Newspaper

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