Recession hits UK for the first time, after 11 years due to Coronavirus Pandemic

The United Kingdom has officially gone into recession for the first time after 11 years following a  20.4% fall in Gross Domestic Product (GDP).

The coronavirus pandemic, lockdown is said to be the cause of this pandemic.

Recession hits UK for the first time, after 11 years due to Coronavirus Pandemic

Recession hits UK for the first time, after 11 years due to Coronavirus Pandemic

According to the Office for National statistic, statistical report released on Wednesday the economy is yet to recover from the sharp fall seen in the second quarter of the year from April to June, during the stay-at-home measures put in place, to control the spread of the virus.

The last time UK experienced recession was the great recession of 2008, which lasted for five quarters and affected many sectors of the economy, which included banks and investment firms, and many established businesses had to close up.

Source; LuciPost

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