11/11/2022, 11:44 AM (Source: TeleTrader)
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Gentiloni: Most EU states to be in recession in Q4

European Commissioner for Economy Paolo Gentiloni said on Friday that the economic situation on the continent has deteriorated further and warned most European Union countries are "expected to find themselves in a recession" in the fourth quarter.

"The surge in energy prices and rampant inflation are now taking over and we are facing a very difficult period both from a social and economic point of view," Gentiloni stressed but remained confident Europe can overcome this tough period if it remains united.

In its economic projections released earlier in the day, the European Commission noted that EU's economy will grow by 3.3% in 2022, but warned growth will slow to only 0.3% next year.

Baha Breaking News (BBN) / NP