What’s in store for Europe in 2023? As The Economist points out, the answer to this question comes down to two emotions: one is admiration. In an effort to support Ukraine and curb Russian expansionism, European leaders have shown unity and a willingness to pay a heavy price for their decisions to impose sanctions on Russia.

But the second is panic. In 2023, the European economy will find itself in the “paths” of high inflation and sluggish growth, testing the strength and cohesion of the European building.

At the same time, challenges such as the energy crisis, rising populism and geopolitical tensions threaten the competitiveness of the European Union, undermining its position on the world economic stage.

The energy crisis is the biggest challenge for the European economy in 2023. More than half of the eurozone countries will enter a technical recession this winter, with economic activity contracting for two consecutive quarters, according to the latest International Monetary Fund forecasts. In 2023, the volume of production and income in Europe will be almost half a trillion. lower than IMF forecasts before the war in Ukraine.

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