U.K. May Face Third Recession in Five Years
Not funny anymore
Recession may just be a word. But in Britain it may become a habit — and a dangerous one at that.
It's possible that official figures on first quarter economic growth, to be released Thursday, could put the country back in recession, and tension is building.
Although economists on average expect growth of 0.1 percent on the quarter, they warn it would take the smallest statistical variation to put the figure in negative territory. That would place the country in recession, technically defined as two consecutive quarters of economic contraction.
Another recession — the third since the 2008 financial crisis — is already being referred to with foreboding in the media as a "Triple Dip." Experts warn that its confirmation would create a wave of negative media attention that would scare consumers away from spending, feeding into a vicious cycle that has the economy flat-lining.