Europe’s Recovery on Hold

It was nice while it lasted.

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European Union Economic Update | Q1-2022
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The EU economy was on a path to recovery at the start of the year. It was working to overcome a recession caused by the pandemic, even as global supply chain disruptions and high energy prices persisted. But thanks to Russiaā€™s invasion of Ukraine, that momentum is long gone.

Today, European economies face high inflation ā€“ especially in food and energy ā€“Ā as well as a slowdown in business activity and a drop in consumer confidence. The European economy also remains highly vulnerable to energy market instability due to its high dependence on Russian supplies. Worse, thereā€™s no obvious end in sight. Brussels is not overly optimistic, and the European Commission has already downgraded its 2022 and 2023 growth forecasts for the eurozone.


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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.