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Along with the UK and Japan, two other countries are under technical recession in the fourth quarter. They are Ireland and Finland.
Ireland registered a quarter-on-quarter GDP contraction of 0.7 per cent and 1.9 per cent in Q3 and Q4 respectively. On the other hand, Finland’s GDP shrank by 0.4 per cent and 0.9 per cent in the same periods.
Several other countries face the risk of a shrinking economy in Q4, with 14 already experiencing GDP contraction in July-September.
Additionally, 10 nations, including Denmark and Germany, are at risk of entering a recession. Six countries, including Malaysia and Germany, reported GDP contraction in December, with Germany’s slowdown potentially impacting the Eurozone’s growth.
Along with Malaysia and Germany, there is Thailand, Romania, Lithuania, and Colombia who are also in the category of countries that reported GDP contraction for the first time in the December quarter.
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