Blaise Imiolczyk  🏳️‍🌈

The UK economy has suffered its biggest fall on record Between April and June, during lockdown, the economy shrank 20.4% compared with the first three months of the year But, what is a recession and how could it affect you? [Thread] http://bbc.in/Recession pic.twitter.com/0A9hi4zHoa

When a country’s economy shrinks for two quarters in a row (six months) the change is classified as a recession In the UK, in January to March UK GDP fell by 2.2%, while between April and June it fell by 20.4% This is the largest contraction on record http://bbc.in/Recession pic.twitter.com/ZP7vkWuzbY

Recessions which carry on for a long time, or are particularly bad, are called depressions The International Monetary Fund estimate the world’s economy will shrink by 4.9% this year, making it the worst recession since the Great Depression of the 1930s http://bbc.in/Recession pic.twitter.com/av55DFElsm

A recession likely means job losses & fewer vacancies, especially in entry-level positions Some may find it harder to get promotions or pay rises The Bank of England says the UK's economic slump was less severe than expected but recovery will take longer http://bbc.in/Recession pic.twitter.com/ps7WXrSBkO

The pain of recession is typically not felt equally across society, and inequality can increase School leavers may find it harder to get a first job, for example Benefit recipients and public sector workers could also be disproportionately affected http://bbc.in/Recession pic.twitter.com/U5rs0w4AMb

The Bank of England predicts the UK economy will grow in the third quarter of 2020, so technically, the recession could already be over The IMF predicts that the world economy will grow next year, too But no-one knows how strong the recovery will be http://bbc.in/Recession pic.twitter.com/zA6TIc7sZF