Europe’s economy likely contracted at the end of 2022 but showed signs of resilience, suggesting the downturn could be milder than feared just a few months ago, business surveys showed
Europe’s economy likely contracted at the end of 2022 but showed signs of resilience, suggesting the downturn could be milder than feared just a few months ago, business surveys released Friday showed.
Positive factors include progress made by European governments in securing non-Russian supplies of natural gas, new government subsidies to help businesses and households absorb higher prices, and robust employment. Globally, signs thatare also pointing upward for global growth. in November for the biggest decline this year. In the eurozone, retail sales tumbled in October as the cost of heating homes jumped with the arrival of colder weather.
The European Central Bank on Thursday acknowledged for the first time that the eurozone economy is likely to contract both this quarter and next. But ECB President Christine Lagarde said any recession would be “relatively short-lived and shallow.” “Policy makers, at least in the U.S. and Europe, now appear resigned to weaker economic growth in 2023,” said Christian Nolting, chief investment officer at Deutsche Bank’s private bank. “Any recessions are likely to be short-lived, but they will not be painless.”
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