– From a geopolitical point of view, the crisis has, of course, also affected the whole world, but from an economic point of view, it seriously affected Europe and in particular – said Paolo Gentiloni, the European Commissioner for Economic Affairs, about the consequences of both geopolitical and economic . – I think we are facing the effects of a double crisis – he added. In his speech, he referred to the geopolitical effects of Russia’s war in Ukraine and the economic consequences associated with Moscow’s aggression.
Europe in the grip of a “double crisis”
Europe’s economic slowdown is a fact. According to the International Monetary Fund, this year’s GDP growth will amount to 0.8 percent, and in 2024 to 1.4 percent. – The slowdown has started since the last quarter of 2022 and continues but please don’t call it a recession because I think we can avoid a recession we are avoiding Gentiloni said. However, it resembled 2022, when the economic situation was quite different. Economic growth in the euro area was then 3.5 percent. – 2022 was an excellent year, growth higher than the US and China Gentiloni argued. Indeed, the United States ended the previous year with an increase of 2.1 percent. In 2022, however, they recorded an increase of 3 percent.
The European Commissioner was asked about this difference in economic growth between 2022 and 2023. – Why does our economy slow down after a strong rebound? I think because of the challenge of becoming independent, which was very costly for our families and fueled inflation he explained. The goal of the European Central Bank is to keep inflation at 2%. In August, however, it amounted to 5.3 percent.
Source: Gazeta
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