Europe’s Economy at a Standstill

Ukraine and uncertainty about prices remain the major obstacles to EU growth.

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European Union Economic Update | Q1-2023
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The European Union as a whole achieved slight economic growth in the first quarter of the year, but weaknesses abound. Germany, the bloc’s largest economy, officially slipped into a technical recession. Employment in the country has held its ground, but if the slowdown persists it could reverberate through German supply chains that weave their way throughout Europe.

On the other hand, Poland recorded 3.8 percent growth compared with final quarter of 2022, powered by household consumption and exports. Since the start of the war in Ukraine, Poland has become a bridge to its eastern neighbor for weapons and ammunition, petroleum products and more.

The war and uncertainty about prices remain the major obstacles to European growth. On the other hand, employment is still rising and energy prices have returned to Earth.

Geopolitical Futures
Geopolitical Futures (GPF) was founded in 2015 by George Friedman, international strategist and author of The Storm Before the Calm and The Next 100 Years. GPF is non-ideological, analyzes the world and forecasts the future using geopolitics: political, economic, military and geographic dimensions at the foundation of a nation.