QNB expects the Eurozone to end 2023 in recession, given difficult financial conditions and deep contraction in the manufacturing sector.
A recovery in the manufacturing cycle is likely to partially ease the slowdown in consumer spending, which should help the Eurozone economy emerge from recession in the first quarter of 2024. However, the region's macro economy remains contracted and weak.
According to the report, the outlook for the coming period remains bleak, with business sentiment in various sectors reaching its lowest levels since the COVID-19 pandemic, which has deteriorated to a level similar to periods of deep contraction, such as the global financial crisis or the sovereign debt crisis.
Source (Al-Raya Qatari Newspaper, Edited)
