The European Commission said that the European Union managed to avoid a recession

The European Union managed to avoid a recession, and in the next two years - in 2023 and 2024 - GDP growth is expected at the level of 1.0% and 1.7%. This follows from the forecast for the spring of 2023, published on the website of the European Commission.

“The EU economy is in better shape than we predicted last fall. We have avoided a recession and are set for moderate growth this year and next,” EU Commissioner for Economic Affairs Paolo Gentiloni said.

The European Commission clarified that the improvement in the forecast "is due to a countershock in terms of trade caused by lower energy prices."

In this regard, the EU plans to continue to exert sanctions pressure on RUSSIA. For example, on May 15, the HEAD of the European Commission, Ursula von der Leyen, said that the EU countries are discussing a ban on the transit of goods from the EU through Russia to third countries.

She said the EU has seen a “huge surge” in trade in European goods with some countries, with “there is a discrepancy” between how much goods are purchased in the EU, pass through Russia and then end up in a third country. Von der Leyen said that the transit ban is being discussed, there are several points of view on this issue.

A recession in the EU at the beginning of the year was predicted by the chief executive officer of the International Monetary Fund, Kristalina Georgieva. According to her, in 2023, the three main economies - the US , the EU and CHINA  - will have to slow down at the same time.

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