Eurozone dips into recession
09 June 2023 | 11:11 am
Two consecutive quarters of contraction have placed the eurozone economy into recession.
January 9, 2023
January 18, 2023
January 29, 2023
January 26, 2023
January 31, 2023
February 4, 2023
Inflation in the 19 countries using the euro stood at 9.2% year-on-year in December. Having peaked in October at 10.6%, a slight reduction in the pace of inflation is prompting hopes of the peak having passed.
The EU's Economic Commissioner said the bloc had encouraging economic news and may avoid a much-feared deep recession in 2023.
Gloomy economic forecasts have cast a long shadow over this year's event in the Swiss Alps. But Georgieva said that although the IMF projects 2023 to be "a difficult year" and for growth to fall further, "we don't expect a global recession". She cited resilient labour markets and consumer spending, the post-Covid reopening of China and signs of inflation trending downwards.
The German economy is withstanding the aftershock of the Ukraine war better than prior projections showed.
The International Monetary Fund has given a brighter outlook in its latest report than in October, predicting that inflation will slow. It said that European economies had shown more resilience than expected.
Economic output grew by 0.1% in the last quarter of 2022 compared with the previous quarter, according to an early estimate.
The European Commission has revised its economic forecasts upwards slightly, predicting growth of almost 1% in the bloc for 2023. Inflation is expected to slow but remain high, a little more so outside the eurozone.
The annual inflation among the 20 nations that use the euro has fallen, but less than expected as food costs surge.
The S&P Global PMI output index said the growth was a sign the economy is reviving. The index added that the overall growth is still at a modest rate, with manufacturing taking a big hit still.
Germany will dodge a feared recession in 2023, according to a forecast by main German economic institutes. But they say inflation will remain high.
The IMF predicts that a third of the world economy will be in a recession next year. We compare the current economic downturn to the 2008 financial crisis to find out what is different this time.
Inflation has taken a heavy toll on the German economy, with consumers spending less on items such as food and clothing. To make matters worse, the outlook for the rest of the year isn't looking much brighter.
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