Consensus Economics experts expect economic growth instead of recession in Europe

The eurozone economy will not face a recession in 2023, experts at Consensus Economics say. On the contrary, GDP in the euro area this year will grow by 0.1%.

In the Consensus Economics report, which I read Financial Timesit is noted that the growth of the global economy is facilitated by a decrease in the cost of energy resources, support measures from the governments of European countries, as well as the abolition of coronavirus restrictions in China.

In December, analysts surveyed by Consensus Economics predicted that the eurozone would plunge into recession this year, the newspaper notes. However, the January survey showed that during 2023 the eurozone economy will grow by 0.1%.

UBS economist Anna Titareva believes the chance of a recession is less than 30%, compared to about 90% last summer. According to her, the filling of European gas storage facilities contributed to the economic stability of the eurozone.

Sylvia Ardaña, an economist at Barclays Bank, argues that despite the fact that the downturn in the European economy will not be as strong as previously thought, eurozone GDP will still decline for two quarters of this year.

The fact that the European economy will be able to avoid recession, and said analysts at the investment bank Goldman Sachs. According to them, in 2023 the GDP of the European Union will grow by 0.6%. In January, the World Bank sharply worsened forecast of global economic growth for the current year. They expect global GDP to grow by 1.7% in 2023. At the International Monetary Fund spokethat in 2023 half of the EU countries are threatened with a recession due to the military conflict between Russia and Ukraine.

On the situation in the global economy – in the publication “Kommersant” “Definitely no good”.

Milena Kostereva