As the world slowly recovers from the onslaught of the Coronavirus pandemic, cautious optimism prevails. However, things are not all that well in the UK in terms of its economy. Britain, on Wednesday, officially entered into recession as its GDP slumped by 20.4% in Quarter 2 (Apr to June) 2020 – the largest quarterly contraction in the UK economy since the quarterly records began in 1955. This is the second consecutive quarterly decline after the GDP fell by 2.2% in the previous quarter (Jan to Mar) 2020.
But, things are not all grim as the ONS also mentions that despite the slump, there was some pick up in June as government restrictions on the movement started to ease. According to a study by Paris-based startup campus Station F, 48% of startups globally have hired new employees since the beginning of March. The report also mentions that 78% of startups globally plan to hire new employees before the end of the year. In terms of investments, European investors and industry professionals are optimistic that even amidst the pandemic, the fundings won’t dry up completely.