Indian economy a ‘bright spot’ while Japan, UK fall into technical recession: What this means for the global market?
economic growth in India was projected to remain strong at 6.5 per cent in both 2024 and 2025. Also Read: IMF projects strong India growth in 2024, says global 'soft landing' in sight But what happened in Japan and the UK – both of which have long dominated as front-runners in the global economic landscape? And how could it affect the global market footprint in the near-term? Let's take a closer look: A recession is commonly defined a period of two consecutive quarters of contraction. Recessions may last as little as a few months, but the economy may not recover to its former peak for years.
The real gross domestic product (GDP) is a measure of the value of a nation’s products and services. The annual rate measures what would have happened if the quarterly rate lasted a year. Usually, unemployment often remains high well into an economic recovery, so the early stages of a rebound can feel like a continuing recession for many.
An economy goes into recession on weak domestic demand, elevated inflation rates, lower industrial output, surge in crude oil prices, among others.
Britain's GDP fell 0.3 per cent in the fourth quarter, more than the 0.1 per cent drop economists forecast, according to the Office for National Statistics data. This followed an unrevised 0.1 per cent decline in the previous three months. The output of every main sector in the economy fell in the final quarter of 2023, said Liz McKeown, ONS director of economic statistics, ‘with manufacturing, construction and wholesale being the biggest drags on growth, partially offset by increases in hotels and rentals of vehicles and machinery’.
