The pandemic-induced lockdowns have led to a contraction of 23.9 per cent in the GDP for the April-June quarter as compared to the same period a year ago.
The slump recorded by the Office for National Statistics follows a 2.2 per cent quarterly contraction in the first three months of the year. As such, the UK economy is in a recession - commonly defined as two quarters of negative growth.
As the world stares at the possibility of slipping into a recession due to the economic devastation caused by Coronavirus pandemic, here is a look at how countries around the world fought the Global Financial Crisis in 2008.
In Europe, over 30 million people in Germany, France, the UK, Spain, and Italy have applied for state support, while first quarter 2020 data indicates that the eurozone economy contracted by 3.8 per cent, the largest quarterly decline since the series started in 1995, the report said.
'It appears that the main reason for this slowdown was the non-banking financial institutions experiencing a turbulence,' IMF Managing Director said.
Raghuram Rajan said the Modi government has shown "surprising timidity" when it comes to unfinished reforms on the business environment, land acquisition, labour and the role of the public sector.
Protesters accused the entire ruling elite of Iraq of being inept, corrupt and beholden to foreign powers.
Congress general secretary Priyanka Gandhi Vadra took to Twitter to attack the government over the country's low economic growth
Fifty-six per cent of the respondents cited the increasingly protectionist trade policy as the greatest risk to the US economy in 2019.
Lok Sabha MP Saugata Roy, Mahua Moitra, former Union Minister Babul Supriyo, National GTC Vice President Luizinho Faleiro and other activists of Goa Trinamool Congress release a chargesheet against the alleged misrule...PTI Photo
LJP (Ram Vilas) leader Chirag Paswan during a road show for the upcoming by-election in Kusheshwar Asthan assembly constituency, in Darbhanga district.PTI Photo
A potter prepares clay earthen lamps for sale ahead of the Diwali festival, in Gurugram.PTI Photo
All Assam Students Union (AASU) General Secretary Sankar Jyoti Baruah along with party activists protest against the construction of the National Hydroelectric Power Corporation (NHPC) dam, at DhemajiPTI Photo
Pedestrians during heavy rain in Kolkata.PTI Photo
SRK’s persona evokes the kind of Indianness that denies categorisation into singular, exclusive identities. And thrives on making others feel welcome.
Shah Rukh Khan is the soothing balm for millions of Indian women living an oppressive life in an insensitive, patriarchal society.
How the larger-than-life Hindi film hero of yesteryears gave way to the relatable charm of Shah Rukh and the other Khans.
Virat Kohli will step down as T20 captain of India and RCB but that will not take away the fact that he remains a unique leader
With all foreign soldiers out of Afghanistan, the Taliban is now in a position to do pretty much what it wants.
It can be a crucial stepping stone to develop young minds to appreciate the importance of practising honesty throughout their academic journey and lay the foundations for successful professional careers.
One can be pro-religion, but against coerced religion; one can be pro-vaccines, but against coercion and mandates