Economic rundown – Japan in recession

The UK suffers same fate

Economic rundown – Japan in recession

Insurance News

By Terry Gangcuangco

The UK and Japan found themselves slipping into recession at the end of 2023.

In a rundown, Bloomberg reported the following economic changes:

  • Australia – country’s unemployment rate the highest in two years
  • Germany – manufacturing output trending downward since 2017
  • Japan – unexpected recession blamed on “anemic” domestic demand
  • UK – entered into mild recession in second half of 2023, with full-year growth at 0.1%  
  • US – prices of food, car insurance, etc. went up

Elsewhere, the European Union is expected to grow slower than initially forecast, while another currently devaluation is expected in Egypt amid an economic crisis.

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