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Coronavirus: first recession in 11 years begins in Britain

The crisis triggered by the coronavirus pandemic has seriously hit the economies of European countries. Great Britain, which left the European Union, was no exception — from April to June, it experienced the largest recession in history.

So, during the period of strict restrictive measures against the spread of coronavirus, the UK economy contracted by 20.4% compared to the first three months of 2020, writes the BBC. This is the first technical recession in the country since 2009.

In particular, the British have cut costs sharply due to store closures. In addition, production and construction volumes have significantly decreased in the country. The plant shutdown also resulted in the slowest car production since 1954. The hotel sector was also hit hard.

In addition, official data on jobs show that from April to June the number of British workers fell by 220 thousand people.

However, the UK's Office for National Statistics believes that the economy began to grow again in June when government restrictions began to ease.

We will remind, earlier the International Monetary Fund (IMF) calculated that in general, a way out of the global economic crisis will require more than $8 trillion. The IMF also officially announced the onset of the global economic crisis and changed the estimate of the dynamics of the global GDP in 2020. The global economy is expected to contract by 3% this year but will grow by 5.8% in 2021.

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