EU Commission cuts euro zone growth forecast as Germany in recession

Heading to Principal’s Office for a Pint: Windsor’s Schoolhouse Brewery | SaltWireBRUSSELS - The euro zone economy will grow slower than previously expected this year and next, the European Commission forecast on Monday as consumer demand suffers from high inflation and the biggest economy, Germany, slips into recession this year.

"This is despite declining energy prices and an exceptionally strong labour market, which has seen record low unemployment rates, continued expansion of employment, and rising wages," it said. "The sharp slowdown in the provision of bank credit to the economy shows that monetary policy tightening is working its way through the economy," the Commission said.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European Commission cuts growth forecast for Germany in 2023BERLIN (Reuters) - The German economy is expected to contract in 2023, the European Commision said on Monday, cutting its forecasts for the euro zone's ...
Source: SaltWire Network - 🏆 45. / 63 Read more »

EU opens race to run its huge investment bank EIBBy Jan Strupczewski, Maria Martinez and Jesús Aguado BRUSSELS (Reuters) - Five candidates have come forward for the post of president of the huge ...
Source: SaltWire Network - 🏆 45. / 63 Read more »

EU opens race to run its huge investment bank EIBBy Jan Strupczewski, Maria Martinez and Jesús Aguado BRUSSELS (Reuters) - Five candidates have come forward for the post of president of the huge ...
Source: SaltWire Network - 🏆 45. / 63 Read more »