Europe’s economy hit hardest by crises

The economies of the 19 eurozone countries are projected to grow by 3.3% this year before slowing down to 0.5% in 2023.A photo: Patrick Poendl, Shutterstock

The Organization for Economic Co-operation and Development (OECD) predicts that next year the global crises will most significantly affect the economy of Europe, reports Reuters.

The OECD estimates that the global economy will grow by 3.1 percent this year and 2.2 percent next year. In 2024, growth could be 2.7%.

The organization notes that due to the war in Ukraine and the jump in electricity prices, European countries will suffer the most.

The economies of the 19 eurozone countries are projected to grow by 3.3% this year, then slow to 0.5% in 2023, before growing by 1.4% in 2024.

In Germany, which is heavily dependent on Russian energy exports, the economy could fall by 0.3% next year, according to the forecast. The Italian economy is expected to grow by 0.2%, while France is forecast to grow by 0.6% next year.

According to the OECD, the British economy will shrink by 0.4% next year due to rising interest rates, rising inflation and the political situation in the country. Earlier, the OECD expected growth of 0.2%.

For the US economy, the outlook is more positive, with growth expected to slow from 1.8% this year to 0.5% in 2023. In 2024, growth could be 1%.

For China, the OECD predicts an acceleration in economic growth. Thus, the economy will grow by 3.3% this year, by 4.6% next year and by 4.1% in 2024, follows from the forecast.

Source: by

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