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 Russia’s invasion of Ukraine, that momentum is long gone.

Today, European economies face high inflation – especially in food and energy – 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, there’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.