European Commission said ten EU countries will face recession by end of 2023
The economic downturn will be recorded in ten EU countries, including Germany, in 2023 – as stated in the autumn economic forecast of the European Commission, TASS reports
"Ten EU states will face an economic downturn in 2023," the EU Economy Commissioner, Paolo Gentiloni, said in a statement, as he presented the forecast at a press conference in Brussels.
According to the materials distributed by the European Commission, in particular, the German economy will shrink by 0.3 percent at the end of the year. The most significant level of decline is expected in Estonia: 2.6 percent, followed by Ireland – 0.9 percent. At the same time, Malta will experience the largest GDP growth in the EU in 2023 – 4 percent, and Croatia – 2.6 percent. The forecast for Sweden has become a surprise for many observers: the European Commission promises a decline of 0.5 percent in this country.
The European Commission does not analyse sanctions against the Russian Federation among the factors influencing the decline of European economies.