UK Economy shrinks by 0.1% in March
Pressure has mounted on the UK government over its ability to raise interest rates since the UK Economy unexpectedly contracted in March. The world’s fifth-largest economy shrank by a record: Gross domestic product fell 0.1% from February, meaning the economy expanded just 0.8% in the first quarter, less than the 1% forecast by the economists.
On Wednesday, Britain’s National Institute for Economic and Social Research (NIESR), a think tank, forecast that GDP would fall in the third and fourth quarters, meeting the technical definition of a recession.
Last month, the International Monetary Fund predicted that Britain would experience the weakest growth and highest inflation of any major advanced economy next year.
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