Deutsche Bank: 3 Percent Economic Contraction in Europe

In Europe there is now a forecast of deep recession with 3% economic contraction between now and mid-2023 across the continent. Forecast is a change by Deutsche Bank. Reported in Fortune Sept. 23: “‘The baseline call we made in July for a mild recession this winter is now too benign,’ the investment bank’s chief economist for Europe, Mark Wall, said in a research note. ‘We now foresee a longer and deeper recession.’ Wall and his team expect real gross domestic product (GDP) in the euro area to drop roughly 3% year-over-year between mid-2022 and mid-2023. But they also admit that an ‘even sharper winter downturn cannot be ruled out.’”