UK narrowly avoids recession after figures show growth stagnating

The UK narrowly avoided recession in 2022, new figures by the Office for National Statistics show.

Zero growth was recorded between October and December of last year.

However, the UK did not record two consecutive quarters of declining GDP, the way of identifying a recession.

The Bank of England still expects the UK to enter a recession in 2023, though it could be less severe than first feared.

This video explains the current economic situation.

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