June 16, 2024
World Economy

Japan, UK Slip Into Recession; Is The Global Economy At Risk, Too?


Global recession 2024 predictions: Two of the members of the Group of Seven advanced economies– UK and Japan– on Thursday were revealed to have fallen into recession. Both developments are, indeed, quite concerning for the world economy. But do they hint at a larger problem? Could there be a global recession?

After developments in Japan and UK, could there be a global recession?

Global recession 2024 predictions: Two of the members of the Group of Seven advanced economies on Thursday were revealed to have fallen into recession. The Japanese economy slipped into a technical recession after its economic growth contracted for two straight quarters. Japan’s GDP fell an annualised 3.3 per cent in the July-September period and then slumped 0.4 per cent in the October-December quarter. The UK’s economy, on the other hand, entered into a recession in the second half of 2023.

Both developments are, indeed, quite concerning for the world economy. But do they hint at a larger problem? Could there be a global recession?

Global Recession Likely?

The World Economic Forum, in its Global Risks Report 2024, released in January, noted that “fears of an economic downturn are widespread among private-sector respondents, featuring as a top-five risk in 102 countries” studied as part of their Executive Opinion Survey.

The WEF defined an economic downturn as “near-zero or slow global growth lasting for several years or a global contraction (recession or depression).”



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