The Guardian: The British economy faces the risk of recession this summer

London-Sana

Britain's economy faces the risk of recession this summer, Britain's Guardian newspaper warned today, amid the worst decline in household income since the mid-1950s and consumer spending slashed by rising inflation.

The newspaper pointed out that declining purchasing power due to inflation and a significant increase in electricity costs threatens the United Kingdom with a decline in GDP for two consecutive quarters.

British economists have warned that slowing economic growth after the Corona pandemic and the rising cost of living after the start of the Russian special operation in Ukraine and the imposition of sanctions against Russia could lead to a decline in the country's gross domestic product for two consecutive quarters of the year, that is, to an economic recession.

The newspaper quoted experts as saying that the British economy grew in February at a lower level than expected, and this came in light of inflation in the same month reaching its highest level since 1992.

Experts expect Britain's GDP to grow by about 1% during the first quarter of 2022, but in the summer, the kingdom's economy is expected to shrink.

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