Germany and Britain with confiscated machines weighed on Europe. Southern countries are out of the equation.

There will be a recession in Germany, already recognized by the German government itself. They forecast negative growth at -0.4% overall in 2023. The German government warned on Wednesday that the energy crisis is likely to cause a contraction next year for the third time since the financial crisis, with output falling by 0.4%.

Germany will enter recession in 2023, and Economy Minister Robert Habeck predicts that inflation will remain at 7% next year. The new prediction is a downward revision of the spring forecast, which forecasts growth of 2.5%, and coincides with the forecasts of the main institutes of economic studies, starting with the IMF, which in its latest forecast suggests a similar scenario of stagflation in major European economies.

UK bonds hit 1998 highs and “Black Friday” fears grew.

Germany and the UK are key in today’s European economy. Germany had the machinery confiscated, as did the British political movers. Two Old Continent economies, one outside and the other within the European Union, shape the problem in Europe as a whole.

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