The US economy is booming — but Japan and the UK just slipped into recession. Here's why.

• Two of the world's biggest economies are officially in recession, per new figures published Thursday.
• Japan posted a surprise contraction in GDP, dragged down by its weak currency and aging population.
• Meanwhile, UK growth shrank for the second straight quarter — just months ahead of a key election.

The US economy managed to shake off Wall Street’s gloomy forecasts and dodge a long-predicted slump last year — but the same can’t be said for two other members of the G7.

Japan and the UK are both officially in recession, according to figures published Thursday, after Gross Domestic Product (GDP) fell for two consecutive quarters to close out 2023.