Recession reality hits major economies

Japan and the U.K. each saw their economies shrink for two consecutive quarters, meeting the technical definition of a recession, according to data out Thursday. Meanwhile, in Europe, officials said they expect weaker economic growth across the bloc.

Why it matters: This year may see more global economic turmoil than last as nations struggle to rebound from slowdowns that are worse than previously known. The effects of these slowdowns — together with one in China — could ripple around the rest of the world in unknown ways.

Where it stands:...