Charting the Global Economy: UK, Japan Fell Into Recession at the End of 2023

The UK and Japan both fell into recession at the end of last year, marked by two consecutive quarters of contracting activity.

While the euro area is expected to avoid a downturn, the European Commission still sees the bloc growing slower than initially forecast this year. And in Australia, the unemployment rate climbed to the highest level in two years, consistent with expectations for its economy to soften.