ECB President Says EU's Economy to Prove Wrong Recession Forecasts in 2023
European Central Bank President Christine Lagarde said at the World Economic Forum (WEF) in Davos on Thursday that the European Union's economy in 2023 would not enter a recession as deep as expected
MOSCOW (Pakistan Point News / Sputnik - 19th January, 2023) European Central Bank President Christine Lagarde said at the World Economic Forum (WEF) in Davos on Thursday that the European Union's economy in 2023 would not enter a recession as deep as expected.
"The news have become much more positive in the last few weeks and the rhetoric has moved from recession in Q3, Q4 and possibly plus to recession in Q4 and Q1 of 2023 to now this small contraction," Lagarde said at the WEF's Finding Europe's New Growth debate.
The European Central Bank president also said that 2023 is "not a brilliant year" but still a lot better than what the experts had feared.
The EU is currently facing a massive energy crisis and surging inflation as part of the post-pandemic global economic recession. The situation further deteriorated in the wake of the Ukraine crisis, as hostilities and Western sanctions against Moscow led to disruptions in supply chains and resulted in a spike in energy prices worldwide.