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MNI BRIEF: Europe Faces "Subdued Growth" In 2023-Gentiloni

(MNI) Brussels

The European Union faces a “year of subdued growth, not of recession,” Economy Commissioner Paolo Gentiloni said on Monday, speaking ahead of the European Commission’s economic forecasts next week.

“I will present our economic forecast in eight or nine days, but what is already clear is that estimates we had a few months ago and also the public discussion going on a few months ago on the inevitability of a deep recession, blackouts and stagflation - we will not have challenges of this kind,” he told a press conference in Berlin.

Recent sharp falls in energy prices, high levels of gas storage across the EU and a relatively mild winter have been key factors in improved economic expectations for the eurozone this year, he said. (See MNI SOURCES: ECB Doves Eye Smaller Hikes As Inflation Falls)

MNI Brussels Bureau |
MNI Brussels Bureau |

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