Most European Union countries are expected to fall into recession in the fourth quarter of the year.

This was warned by the European Commissioner for the Economy, Paolo Gentiloni.

According to him, the economic situation on the continent has worsened even more.

The spike in energy prices and rampant inflation are peaking and we are facing a very difficult period both socially and economically, he stressed.

ECB Member: Inflation in the Eurozone has almost reached its peak

However, Gentiloni expressed confidence that Europe can overcome this difficult period if it remains united.

In its economic forecasts published earlier in the day, the European Commission noted that the EU economy will grow by 3.3% this year.

However, she also warned that growth would slow to just 0.3% in 2023.

inflation