Period covered: June 22Published: June 30, 2022Read time: 1min

Economic Monitor

Recession risks mount as the British economy contracts in March and April

"The ongoing recovery from the pandemic continues to be derailed by high inflation, labour shortages as well as supply-chain disruption emanating from China’s pursual of zero-Covid as well as the Ukraine-Russia conflict, the end of which does not appear imminent.

"The outlook ahead is consequently highly uncertain, as economic shocks reverberate throughout the supply-chain. Basic commodities such as energy, metals and grain are all witnessing at or near record-high prices, raising input costs at the factory gate and the resultant pass-through of costs being felt by consumer wallets."