A recent report reveals that the country's economy shrank by 5.3% in the last quarter, marking the largest contraction since the financial crisis of 2008. The unemployment rate has risen to 9.8%, with 2.5 million people currently out of work. Additionally, inflation has surged to 3.7%, the highest level in a decade, putting pressure on households already struggling with job losses and reduced income. The government announced a stimulus package of $50 billion to support businesses and individuals impacted by the economic downturn. The central bank has also cut interest rates to a record low of 0.5% in an effort to boost borrowing and spending. Experts warn that the road to recovery will be long and challenging, with uncertainties remaining about the impact of global events on the country's fragile economy.