Global Economic Outlook 2023: Euro Area Edition

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Global Economic Outlook 2023: Euro Area Edition

Pages:10 pages17 min read

Author: Conference Board Inc., New York


The economic outlook for the Euro Area for 2023 has deteriorated rapidly amid the fallout from the war in Ukraine, which has led to an energy crisis.

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Russia’s unjustified war in Ukraine has sharply deteriorated the European economic outlook for 2022 and 2023. Soaring energy prices pushing overall inflation to double digits, plummeted consumer confidence, and dented business activity amid reduced demand are likely to tip the Euro Area economy into recession by the end of 2022. More recently, the ECB’s decision to tighten its monetary policy has increased downside risks to the region’s growth prospects.

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