InternationalInternational Economics

England on the edge of recession Fars news

According to the International Economic Group of Fars News Agency, the British Office of National Statistics (ONS) reported that the British economy shrank between July and September, so that the country’s gross domestic product decreased by 0.2 percent.

The drop is the biggest quarterly contraction in the country’s economy since early 2021, when Britain was in the midst of the pandemic. coronavirus Involved in quarantine restrictions.

While analysts previously about a big drop in gross production The interior of this country had warned, these results now show that the British economy is facing a problem, which is mostly due to the increase in British costs and issues related to the increase in interest rates; These factors slow down economic growth.

According to experts, if the UK economy shrinks in the final quarter as expected, it will enter recession after recording two consecutive quarters of negative growth.

British finance minister Jeremy Hunt also said about these statistics, the country is facing difficult decisions to restore the economy to stability.

This British official explained: “We are not immune to the global challenges of high inflation and slow economic growth… I understand that there is a difficult road ahead. It requires very difficult decisions to restore confidence and stability to the economy; But to achieve long-term and sustainable growth, we need to control inflation, balance income and expenditure and reduce debt.”

Hunt is now expected to deliver his first financial statement as finance minister next week; These include major spending cuts, new taxes, and increases to existing taxes, according to reports.

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