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The eurozone and most EU countries will head to an economic recession in the last quarter of 2022, according to the European Commission’s autumn economic forecast.
“The economic situation has deteriorated markedly and we are heading into two quarters of contraction,” said EU economy commissioner Paolo Gentiloni at a press conference.
The EU’s executive revised up its inflation forecast from July, predicting that prices would peak at year-end and remain high in 2023.
Inflation will average 9.3% in the EU and 8.5% in the eurozone for 2022, Brussels said.
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WNU Editor: I would say that major parts of the Eurozone are already in recession. Everyone is just waiting for the data to catch up.
I am also not as optimistic as Brussels is that the recession will end next year. I see the opposite. I see Europe’s energy crisis continuing, and the de-industrialization of the continent accelerating with major industries and their jobs moving to North America.
Brussels Says The Eurozone Is Heading To A Recession At The End Of This Year