Economists Bloomberg reported that the risk of recession in the euro area has reached a record level since November 2020.
It’s worth noting that in July experts estimated the likelihood of recession in the eurozone at 45 percent and in February before the conflict it was thought to be 20 percent.
According to economists, in the largest economy of the European Union, Germany, stagnation could begin as early as this quarter.
As noted by the source, the deteriorating economic situation and rising costs of living are occurring on the background of problems with electricity supplies from Russia and the drought in several European countries, all of which should lead to higher inflation in the eurozone. Economists estimate that inflation will average around 8% in 2022, double the target of the European Central Bank, which predicts a 4% threshold.
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