Commissioner Paolo Gentiloni on the European economy: we will avoid recession

The European economy is responding well to the concentric attacks of the pandemic, the Ukrainian crisis and fuel prices. The European Commissioner for the Economy, Paolo Gentiloni, assured us that our continent’s economy is holding up and should be able to avoid recession. “The good news is that the EU economy has entered this year at a better-than-expected pace and seems able to escape the recession.” The statement was made by the European Commissioner for the Economy, Paolo Gentiloni, at the press conference to present the European Commission’s winter economic forecasts.

“The EU economy has exceeded expectations over the past year, with resilient growth despite the shock waves of the Russian war of aggression. And we entered 2023 with more solid foundations than expected: the risks of recession and gas shortages disappeared and unemployment remains at historic lows – says the European Commissioner for the Economy, Paolo Gentiloni, when presenting the economic forecasts for winter of the European Commission – However, Europeans still face a difficult period. Growth is expected to slow further due to strong headwinds and inflation will only gradually relinquish its grip on purchasing power in the coming quarters. Thanks to a united and comprehensive political response, the EU has weathered the storms that have hit our economies and societies since 2020. We must show the same determination and ambition when facing the challenges we face today”, he adds.