Economists believe the UK’s economy is on the brink of recession as growth shrinks in the third quarter. Sakshi Bajaj takes us through the highlights and the recession risk that UK faces.

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The United Kingdom is on the brink of a recession after experiencing a significant shrinkage in economic growth during the July-September period. According to the Office for National Statistics (ONS), the UK’s economy contracted by 0.2% during this period, marking the first decline in economic output since 2012.

This worrying trend has raised concerns about the impact of Brexit uncertainty and global trade tensions on the UK economy. With the ongoing Brexit negotiations and the looming possibility of a no-deal scenario, businesses and investors have been hesitant to make long-term investment decisions, leading to a slowdown in economic activity.

The manufacturing sector has been hit particularly hard, with output declining by 1.3% in the third quarter. This can be attributed to a decrease in global demand and disruptions in supply chains caused by trade tensions. Additionally, the construction sector has also experienced a downturn, further contributing to the overall economic contraction.

The uncertainty surrounding Brexit has also had a negative impact on consumer spending, with households becoming more cautious about their expenses. This has led to a decrease in retail sales and a slowdown in the services sector, which is a key driver of economic growth in the UK.

The shrinking economy has prompted concerns about the potential onset of a recession, which is defined as two consecutive quarters of negative economic growth. While the UK has not officially entered a recession yet, the recent decline in economic output has raised the possibility of a downturn in the near future.

The ONS figures are a cause for concern for policymakers, who have been grappling with the challenges of Brexit and the global economic slowdown. The Bank of England has already warned about the risk of a recession in the event of a no-deal Brexit, and the recent economic data has only added to these worries.

In response to the economic slowdown, the government and the central bank may consider implementing measures to stimulate growth and support the economy. This could include fiscal stimulus, such as increased government spending or tax cuts, as well as further monetary policy easing to support lending and investment.

However, the outlook for the UK economy remains uncertain, with the potential for further economic turbulence in the coming months. The outcome of Brexit negotiations and the state of the global economy will continue to have a significant impact on the UK’s economic performance.

In conclusion, the recent decline in economic growth has placed the UK on the brink of a recession, raising concerns about the impact of Brexit uncertainty and global trade tensions on the economy. Policymakers will need to carefully navigate these challenges and consider measures to support growth and stability in the face of economic headwinds.