Economists believe the chances of such a scenario are high, given that there has been no let up in the pressure on consumers and businesses and snow disruption threatens to cost the economy an estimated £500 million a day.There is no triple-dip recession. There was no double-dip recession. This is, as I have been saying since 2008, the Great Depression 2.0. It is larger in scope than its predecessor and it is gradually revealing the concrete shortcomings of the reported economics statistics.
There is no official definition of a triple dip, but it is widely accepted to mean that the economy has fallen into recession three times without returning to a period of robust growth in between. The UK plunged into a double dip recession last year, contracting for three quarters in a row before bouncing back with growth of 0.9% in the three months to September.
According to the Office for National Statistics, there has not been a triple dip recession since its records began in 1955, with Britain last suffering such economic gloom in the Great Depression.
It is also interesting how we don't hear much about the ongoing "economic recovery" in the USA anymore even though the GDP numbers are still nominally positive.