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Britain’s economy slipped into a recession at the end of 2023 after output contracted by more than expected in the final three months, according to official figures.
And just like that, two of the world’s largest economies are in technical recessions.
The UK economy is on track to shrink by 1.3% in 2023 amid a recession which is set to last until the end of next year, according to a new economic forecast.
The UK is at “significant risk” of heading into a recession due to the mounting cost-of-living crisis and the Ukraine conflict, a new report has warned.
The UK was reported to be among the worst affected among the world's advanced economies. In 2021, the UK's inflation was less than that of the US, but high US inflation was not generally experienced as a cost-of-living crisis due to the stimulus cheques that had been distributed to American households. [8]
Jacuzzi is an American private company that manufactures and markets hot tubs, pools, and other bath products. [1] It is best known for the Jacuzzi hydrotherapy products. [2] [1] The company is headquartered in Irvine, California. It is the largest hot tub manufacturer in Europe [1] with eight factories, the largest being in Italy. [3]
Tourism, in general, throughout the UK (by visitors from both the UK and from other countries) declined substantially due to travel restrictions and lockdowns. For much of 2020, and into 2021, vacation travel was not permitted and entry into the UK was very strictly limited. Business travel, for example, declined by nearly 90% over previous years.
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