In the autumn forecast published by the European Commission, the European Commissioner for Economic Affairs, Paolo Gentilloni, announced that the European Union, the Eurozone, and central European countries are in recession in the fourth quarter of 2022.
"The EU and Eurozone economies will shrink in the fourth quarter of 2022 and the first quarter of 2023; we are entering a technical recession," Gentilloni said.
Germany was hit harder than other EU countries. In 2022, its growth was predicted to be 1.6%; in 2023, a decline is expected (0.6%). The first economy of the European Union shows the worst growth rates among the community countries.
Inflation is expected to be at record-high levels. The EC raised its forecast for the 20 eurozone countries to a record 8.5% in 2022 and 6.1% in 2023.
