European Commissioner for Economic Affairs Paolo Gentiloni acknowledged that the states of the region may face a recession this winter. The politician stated this during a press conference on Monday, December 5.
At the same time, in early November, the representative of the European Union already made a disappointing forecast. Then he also said that the countries participating in the Commonwealth risk being in a situation of economic recession.
“The data confirms that we are likely to have a contraction over the winter and that we may again see very subdued growth after this contraction next year,” Gentiloni said.
The European Commission, in turn, significantly lowered the organization’s GDP estimate for 2023 in the autumn forecast. Despite this, analysts do not cease to hope for an economic recovery of 0.3 percent.
Earlier, S&P Global warned about the onset of a “mild recession” in the countries of the region. According to the firm, the index of manufacturing activity in Europe has been declining over the past five months.