FOR YOUR PERSONAL UPDATES– Register Now

  • CONTACT
  • MARKETCAP
  • BLOG
xanifinance.com
  • BOOKMARKS
  • Home
  • News
  • Crypto
  • Tech
  • Industries
  • Economics
  • Tutorials
    Buy and Sell

    Buy, sell and use crypto

    Earn Crypto

    Learn and earn crypto

    Crypto Wallet

    The best self-hosted crypto wallet

  • Pages
    • Blog Index
    • Contact Us
    • Customize Interests
Reading: EU Economic Chief Optimistic About Europe’s Economic Outlook Amidst Challenges
Share
xanifinance.comxanifinance.com
Aa
Search
  • Home
  • News
  • Crypto
  • Tech
  • Industries
  • Economics
  • Tutorials
  • Pages
    • Blog Index
    • Contact Us
    • Customize Interests
Have an existing account? Sign In
Follow US
  • Home
  • News
  • Crypto
  • Tech
  • Industries
  • Economics
  • Tutorials
  • Pages
© XaniFinance News Network. Xani Digital.All Rights Reserved.
xanifinance.com > Blog > Blog > EU Economic Chief Optimistic About Europe’s Economic Outlook Amidst Challenges
Blog

EU Economic Chief Optimistic About Europe’s Economic Outlook Amidst Challenges

xanifinance.com
Last updated: 2023/09/03 at 4:44 PM
xanifinance.com Published 3 September 2023
Share

Paolo Gentiloni, the European Commissioner for economic affairs, shared his positive outlook for Europe’s economy despite facing what he calls a “double crisis.” In an interview with CNBC, Gentiloni acknowledged the geopolitical impact of Russia’s invasion of Ukraine and its subsequent economic consequences.

From a geopolitical perspective, Gentiloni noted that the crisis had global implications, but economically, Europe, particularly Germany, felt its effects deeply. Concerns arose that the region would plunge into a significant economic slowdown due to Russia’s actions.

However, Europe managed to secure alternative energy sources, reducing its reliance on Russian energy, and some governments provided relief to consumers grappling with high energy costs. As a result, the euro area experienced growth, registering a 3.5% rate in 2022, as reported by the International Monetary Fund. The IMF anticipates a growth rate of 0.8% for the euro zone in the current year and 1.4% in 2024.

Gentiloni proudly stated, “We had an excellent 2022, with higher growth rates than the U.S. and China.” While acknowledging a slowdown starting in the last quarter of 2022, he emphasized that it shouldn’t be labeled a recession, as he believes Europe can steer clear of one.

One challenge Europe faces is achieving “energy independence,” which Gentiloni attributed to the recent economic deceleration. He expressed concerns about the costs incurred by families and the inflationary pressures resulting from this pursuit of energy independence.

The European Commission is set to release new economic forecasts for the region on September 11, offering insights into the overall growth scenario. Despite recent economic data indicating a slowdown, including a contraction in European business activity and persistent inflation above the European Central Bank’s target, Gentiloni remains cautiously optimistic about Europe’s economic prospects.”

You Might Also Like

Naira falls at official market despite rise in dollar liquidity

NGX ASI crosses 72,000 points as stocks rally continues

Investors move to mutual funds for higher yields

Santa comes early for Access Bank customers

Stock market rally continues

TAGGED: EU

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Email Copy Link Print
Previous Article August Job Market Report: Unexpected Twist as Black Unemployment Rate Bucks Trend
Next Article Hollywood Labor Strikes Continue to Impact Jobs and Economy
Leave a comment

Click here to cancel reply.

Please Login to Comment.

Follow US

Find US on Socials
Facebook Like
Instagram Follow

Subscribe to our newslettern

Get Newest Articles Instantly!

    - Advertisement -
    Ad image
    Popular News
    Visa and Yellow Card Partner to Expand Stablecoin Payment Solutions in Africa
    Your Ultimate Guide to Earning Cryptocurrencies!
    Welcome to XANIPAY Self-Hosted Crypto Wallet: Your Key to Secure and Private Digital Asset Management!

    Follow Us on Socials

    We use social media to react to breaking news, update supporters and share information

    Facebook Instagram
    xanifinance.com

    We influence 20 million users and is the number one business blockchain and crypto news network on the planet.

    Subscribe to our newsletter

    You can be the first to find out the latest news and tips about trading, markets...

      Ad image
      xanifinance.comxanifinance.com
      © XaniFinance News Network. Xani Digital.All Rights Reserved.
      Join Us!

      Subscribe to our newsletter and never miss our latest news, podcasts etc..

        Zero spam, Unsubscribe at any time.
        Welcome Back!

        Sign in to your account

        Register Lost your password?