After the pandemic and now a cost of living crisis, it seems unthinkable that the economic situation could get worse. But experts are pretty certain that the UK economy will flatline in 2023, and some are even murmuring that a recession could happen this year.
Technically, a recession means two or more consecutive quarters of negative growth in a country’s economic activity. This is measured using real Gross Domestic Product (GDP). “Real” means that the effect of price changes has been stripped out, so real GDP is a measure of the volume of activity in the economy.
