Europe’s Economic Outlook for 2023
Soaring energy costs, inflation, and the Russia-Ukraine war have exacted a heavy toll on European countries, contributing to a grim economic outlook for 2023. Speaking at the Europe Committee’s meeting on 8 February, Eberhard Brodhage, Founder of Asia Europe Business Partners Ltd, said economic growth in the Euro zone was expected to fall from 3.3% in 2022 to 0.3% this year, according the European Commission’s forecast. Given the business environment in the region was fraught with uncertainties caused by a myriad of factors including higher production cost, rising interest rates, and supply chain constraints, some countries will have to work hard to avoid falling into a recession. However, Brodhage forecast 2024 should start improve, with Ireland being the strongest economy projected to grow 3.1% followed by Poland and Hungary (2.6%) and Spain (2%).
2023/02/08