Head Of UniCredit: European Economy May Avoid Recession

The CEO of the Italian bank UniCredit stated that while the effect of higher rates will be felt with a lag and it is still difficult to quantify its effects, the European economy may avoid a minor recession anticipated this year.

UniCredit CEO Andrea Orcel voiced optimism about credit quality in an interview with CNBC, noting that there had been no signs of a decline until December. Since late December, there has been a decline in the caution among borrowers that was noticeable in October and November.

« This year, we anticipated a slight recession. However, if you consider all the indications at our disposal now, there may be room for improvement. The possibility of a recession is not remote. But there is a huge amount of risk in all of these estimates, » Orchel told CNBC.

source: cnbc.com

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