U.K. economy shrinks by 9.9%, the fastest rate in 100 years

The UK’s economy shrank at its fastest rate since the 1920s last year, as the pandemic forced thousands of businesses to remain closed for several months. The Office for National Statistics revealed that gross domestic product (GDP) dropped by 9.9%. However, after registering 1.2% growth in December, despite strong restrictions across large parts of the country, the economy looks set to avoid what could have been its first double-dip recession since the 1970s.