The slowdown in growth and inflation will be, according to the forecasts of international organizations and credit rating agencies, the two main developments that will determine the European and Greek economies in the new year, greekcitytimes.com reports.
Inflationary pressures, which started to register in the summer of 2021 due to the problems created in the supply chain by the coronavirus and the increase in demand, received new momentum after the war in Ukraine broke out and the corresponding energy crisis.
Price increases held back consumption in 2022 and are expected to slow further in 2023. At the same time, interest rate hikes by the European Central Bank to fight inflation, which will continue in 2023, are expected to negatively affect both consumptions as well as investments.
With its autumn forecasts, the European Commission estimated that the Eurozone economy would narrowly escape recession in 2023, forecasting GDP growth of just 0.3% compared to 3.2% growth in 2022.
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