European Commissioner for the Economy Paolo Gentiloni argues in the European Commission’s (EC) fall forecast that the EU, the euro zone and major European countries are entering a recession EU in the fourth quarter of 2022.

“The economies of the European Union and the euro area will contract in the fourth quarter of 2022 and the first quarter of 2023, we are entering a technical recession in the EU,” the European commissioner argued.

He added that in the first six months of 2022, EU states experienced “intense growth after the pandemic. The European Commission expects that economic growth in the EU at the end of this year will be 3.3%, and in the euro area – 3.2%.

Is the euro collapse possible? Earlier it became known that the countries of the European Union will have a harsh winter, as it is expected that the European economy, at least until the end of the first quarter of 2023, will be in recession.

According to the European Commission, price growth will average 8.5% in 2022 and 6.1% in 2023. In October it reached an all-time high of 10.7% for the euro.

Earlier we reported on the decline of the dollar – what happens to the world’s main currency?