According to researchers at Consensus Economics, the eurozone economy won’t experience a recession in 2023. At that, this year’s GDP growth in the euro zone is expected at 0.1%.

According to the Consensus Economics research, which the Financial Times became familiar with, the expansion of the global economy is supported by decreased energy costs, government assistance from the European Union, the removal of coronavirus limitations in China, as well as other factors.

Consensus Economics surveyed analysts in December, and they expected that the euro region would enter a recession this year, according to the report. However, the January survey revealed that in 2023, the eurozone’s GDP will only rise by 0.1%.

According to UBS economist Anna Titareva, the likelihood of a recession is now less than 30%, down from roughly 90% in the summer. She claimed that the filling of European gas storage tanks had aided the eurozone’s economic stability.

Even while the European economy will not experience a recession as severe as first anticipated, according to Economist Silvia Ardagna of Barclays Bank, the eurozone’s GDP will nevertheless contract for two quarters of this year.

source: ft.com