AKANEWSAKANEWS
  • HOME
  • NIGERIA NEWS
  • WORLD NEWS
  • POLITICS NEWS
  • BUSINESS
  • SPORT NEWS
  • OPINION
  • TECHNOLOGY NEWS
  • FEATURES
  • PROPERTY NEWS
  • AKA LIFE
  • AKA ART

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Sanwo-Olu’s victory, a testament to proactive leadership – Onoh

March 20, 2023

Enugu guber: INEC suspends collation of results in Nkanu East

March 20, 2023

Ihedioha, Anyanwu, LP chair fault election outcome in Imo

March 20, 2023
Facebook Twitter Instagram
  • Demos
  • TECHNOLOGY NEWS
  • PROPERTY NEWS
  • Buy Now
Facebook Twitter Instagram
AKANEWSAKANEWS
Subscribe
  • HOME
  • NIGERIA NEWS
  • WORLD NEWS
  • POLITICS NEWS
  • BUSINESS
  • SPORT NEWS
  • OPINION
  • TECHNOLOGY NEWS
  • FEATURES
  • PROPERTY NEWS
  • AKA LIFE
  • AKA ART
AKANEWSAKANEWS
Home » Europe recession risk 'rising' as energy shock bites
WORLD NEWS

Europe recession risk 'rising' as energy shock bites

AkanewsBy AkanewsSeptember 7, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email


The threat of recession is rising in Europe, a top EU official warned on Wednesday, as skyrocketing energy prices caused by Russia’s invasion of Ukraine punish the economy.

“Uncertainty remains exceptionally high and the risk of a recession is rising,” EU economics affairs commissioner Paolo Gentiloni told a conference at Bruegel, a think tank in Brussels.

“We may well be heading into one the most challenging winters in generations,” he added.

Gentiloni, a former Italian prime minister, said “a number of warning lights are flashing red” all while the “Russian war continues”.

“Energy prices have shattered new records, inflation has continued to climb and economic sentiment is deteriorating,” he said.

However, the economic picture was not all “doom and gloom”, Gentolini said, with employment in Europe still strong and supply chain problems stemming from the coronavirus pandemic beginning to get solved.

Crucially, Gentiloni said the European economy had outperformed expectations in the second quarter of 2022.

According to the latest data from the EU’s Eurostat agency, eurozone GDP grew by 0.7 percent in the first quarter and 0.8 percent in the second quarter.

The EU as a whole grew 0.8 percent in the first quarter and slowed only slightly to 0.7 percent in the following April to June period.

Faced with such challenges, Gentiloni urged EU countries to “intervene as needed in a spirit of solidarity” — a veiled reference to old battles that pitted richer nations against poorer and more vulnerable ones.

“If we remain united … we can ensure that the coming months will not be remembered as the winter of our discontent -– but as the harbinger of a new European spring,” he added.





Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Akanews
  • Website

Related Posts

Putin says ties with Africa a 'priority'

March 20, 2023

French govt faces no-confidence vote after pensions uproar

March 20, 2023

Kenya police out in force for opposition protests

March 20, 2023
Add A Comment

Leave A Reply Cancel Reply

Editors Picks

How To Use The Citrus Fruit Lime, To Solve Body Odour

March 20, 2023

Betrelate launches Super 10 Competition: How to predict and Win cash prizes

March 20, 2023

Grilled Vegetable Pasta Salad

March 20, 2023

THE GUARDIAN’S SPECIAL FOCUS ON 50 VALUE-DRIVEN CEOS OF EXCELLENCE THAT POWERED NIGERIA’S ECONOMIC GROWTH IN 2022: Part FIVE | The Guardian Nigeria News – Nigeria and World News

March 20, 2023
Top Reviews
Advertisement
AKANEWS
Facebook Twitter Instagram Vimeo YouTube Pinterest
  • HOME
  • NIGERIA NEWS
  • WORLD NEWS
  • POLITICS NEWS
  • BUSINESS
  • SPORT NEWS
  • OPINION
  • TECHNOLOGY NEWS
  • FEATURES
  • PROPERTY NEWS
  • AKA LIFE
  • AKA ART
© 2023 AKANEWS.

Type above and press Enter to search. Press Esc to cancel.