New York CNN —And just like that, two of the world’s largest economies are in technical recessions.
On Thursday, Japan and the UK both reported their second consecutive negative quarters of gross domestic product, fitting the widely agreed-upon definition of a recession.
In 2022, the nation’s population declined by 800,000, marking the 14th consecutive year of contraction.
In the UK, however, population and wage growth weren’t sufficient to stave off a drop in consumer spending, one of the main drivers of that economy.
In the past two quarters, the nation’s economy experienced much higher than expected GDP growth, due in large part to robust consumer spending.
Persons:
Paul Donovan, ” Donovan, Kazuhiro Nogi, ”, didn’t, Jerome Powell, “, it’s, there’s, Powell, Philipp Carlsson, doesn’t, “ it’s, Carlsson
Organizations:
New, New York CNN, UBS Global Wealth Management, Getty, National Bureau of Economic Research, don’t, US Federal Reserve, Boston Consulting
Locations:
New York, Japan, Germany, AFP, Ukraine