Most European countries will plunge into recession – WORLD

0
11

While the Commission of the European Union (EU) lowered its expectations for economic growth in the euro area due to high energy prices and declining household purchasing power, it raised inflationary expectations.The EU Commission’s Winter European Economic Outlook Report 2022 has been published. , 3 is projected to increase. The previous “Autumn” report of the EU Commission predicted that the eurozone economy would grow by 2.7 percent in 2022 and by 1.4 percent in 2023. According to the latest report, euro zone growth expectations this year are reduced by 1.1 points. , has been revised.

Emphasis on recession

EU Commissioner for Economics Paolo Gentiloni said in the presentation of the report: “The economic situation has deteriorated significantly.” The report noted that the economy contracted in the last quarter and will continue to contract in the first quarter, and stressed that this is expected to send the country into recession.

Inflation expectations have risen

On the other hand, the EU Commission raised inflation expectations for the eurozone from 7.6% to 8.5% for 2022, while forecasting inflation at 6.1% for 2023. For the EU, the inflation forecast was raised from 8.3 percent to 9.3 percent for 2022, and a 7 percent inflation forecast for 2023 was included. Greece is forecast to grow by 6.3 percent and Malta by 4 percent.

Random Post

Leave a reply