Bad News The euro zone is expected to plunge into recession in the coming months with economists warning “it will not be shallow.”
The 19-member zone that shares the euro currency has been under significant pressure since Russia’s unprovoked invasion of Ukraine . A combination of sanctions against the Kremlin, an abrupt end to Russian gas imports, and the need to provide financial support to households and firms struggling with the energy crisis has darkened the outlook for the bloc
“Consumer confidence has plunged so badly that the recession will likely not be shallow,” Holger Schmieding, chief economist at Berenberg, told CNBC earlier this month.