European countries currently are facing lots of big issues because majority of them are in dangerous financial situations and the UK is also going through same situation. From last few months, the issue of Brexit made lots of news because British government said that they are going to get out of European unions which so far has negatively affected on UK’s economy. Recently UK’s economy hit its lowest point when the government declared that it grew at only 0.2% in last three months of 2018. Now there are many reasons behind such a slow economic growth. One of the primary reason is Brexit because due to that decision majority of the companies whose business depends upon other European companies got disrupted. On the other hand, the domestic market of United Kingdom is also not doing well because recently majority of retailers recorded a low amount of sales during black Friday sale.
Black Friday holidays is that period where many retailers and manufacturers will expect a massive amount of sales, but that did not happen in UK. On the other hand, many other European countries like Italy are also causing much more severe problems. Recently the government of Italy declared that they are going through a recession and that’s why some UK companies got hit because of it. The government is expecting that UK’s quarterly economy will grow at a mere 0.3% rate and yearly at a rate of 1.3 percent only. Now after such a low number of economic growth predictions many economists are predicting that UK soon might go into recession. According to some economists, UK shall stay in European union’s because with Brexit it’s economy will suffer more.
Other sectors such as Oil, the Automobile industry is also not performing well countrywide which is creating problems of unemployment. Now it will be interesting to see whether the government will still take a significant step of getting out of the EU or not.