Recession fears loom as diamonds squeeze economy to Q1 slump

A recession is economically defined as a sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate. The most common definition of recession used in the media is a ‘technical recession’ in which there have been two consecutive quarters of negative growth in real GDP.

Should the current economic slowdown deteriorate into a recession, it would be the first since 2020 and a knock to the country’s ambitions of reaching high-income status by 2036.