Tag: Recession
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India enters first recession in 73 years
India’s economy contracted 7.5 percent between July and September, performing the poorest among major advanced and emerging economies and entering a technical recession for the first time since independence, official data showed Friday. Although the figures were an improvement on the record 23.9-percent contraction recorded last quarter, they indicate that Asia’s third-largest economy is in…
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COVID-19 caused recession – Buhari
As Nigeria slips into recession for the second time in five years, President Muhammadu Buhari, says it came about because of the severity of the global downturn caused by the COVID-19 pandemic. He said this on Monday in Abuja, while declaring open the 26th Nigerian Economic Summit with the theme: “Building Partnerships for Resilience’’. The…
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British economy plunges into recession after record second-quarter fall
The British economy is in recession after contracting a record 20.4 per cent in the second quarter as the coronavirus crisis took hold, the Office for National Statistics (ONS) said on Wednesday. The quarterly contraction in the April-to-June period was the largest since 1955 when the agency began to keep quarterly records. Gross domestic product…