WORLD UK economy experiences record fall in April

WORLD

UK economy experiences record fall in April

By Qiang Wei | People's Daily app

21:47, June 12, 2020

The UK economy shrank by 20.4% in April, which is the largest monthly contraction on record.

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A pedestrian passes a sale sign on a closed shop on Oxford Street in London, as the country in is lockdown to prevent the spread of coronavirus, Thursday, May 7, 2020. (Photo: AP)

The UK Office for National Statistics (ONS) said the contraction is "historic," as the UK spent the whole month of April in lockdown. 

Almost all areas of activity were affected, and the contraction more than tripled the decline seen during the 2008-2009 financial crisis period.

But since the UK government started to ease the lockdown in May, it is believed that April may be the worst month, and the economy will slowly recover in the coming months.

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