Citigroup, one of the world’s largest banking and investment institutions, revised its expectations for the Eurozone downwards.
Citigroup lowered its year-end GDP growth forecast to 0.4%, as it expects the economy in the European region to enter a mild recession for three quarters. The Wall Street giant had previously predicted that the euro zone would grow by 0.8% in 2023.
Experts reversed their 0.8% forecast for 2024. Citigroup expects the regional economy to shrink by -0.1% next year.
Citigroup analysts, who shared a report on the current situation, commented that the cyclical and structural negative wind blows strongly in Europe.
