The effects of Russia's invasion of Ukraine are likely to continue to attack Europeans. From the economic outlook for 2023, countries in mainland Europe will be significantly weaker than earlier, which will start by looking at the UK's slide into recession.

From the European Union bloc statement on Saturday night, almost all countries in this bloc will likely lead to an economic recession by the end of this year. Inflation is predicted to peak at the end of the year, meaning it can stay at 7% in the mean tie.

"The EU is among the most exposed advanced economies (too high prices) due to its proximity to the war and a large dependence on gas imports from Russia," said the European Commission, adding that it forced households to purchase for it.

In addition, labor markets are expected to remain silent, with an unemployment rate of 6.2% for 2022. GDP growth in 2022 is expected to be 3.3 because, in the first half of the year, Europe experienced a positive movement.

Recession Looms as UK Economy Starting to Shrink, But Could It be Worse?

The significant downturn is the condition experienced by the UK for now. Their economy is shrinking, and it started to grow fear among UK residents in the last two months. From not being told the country was in a recession to the current state of the peaking recession.

In the last three months, UK GDP increased significantly and is incredibly close to experiencing a recession. However. The Bank of England's Monetary Policy Committee has considered this condition a recession if the UK economy falls just 0.1%.

In addition, given the cost of living crisis and high inflation in that country, the UK is clearly on a recession path. Economic data does not show it clearly, but economists have stated that they are entering a technical recession and the worst period of contraction.

The sectors that will be most affected are the industrial and manufacturing sectors. In addition, hospitality (including pubs, restaurants, and cafes) and tourism will also be aware that their business income is squeezed, and the unemployment rate can rise.

That is the condition in the UK, while it is the same in Europe. The EU Commission said that their economic forecast shows that the turning point of the European economy has yet to occur. Addressing the gas market and shortages is the most obvious reason.

UK Economy is Sliding So Bad, Most Europe Countries Also Sliding Into Recession

The UK economy is sliding so severely that even experts say that countries worldwide are experiencing high price rises, but the UK economy is the worst. However, the widening UK economic struggle harms Europe.

So while the UK economy is singling the start of a recession, European is set to follow. The decline in GDP across Europe reflects that this effect is more broadly. Decades of high inflation with interest rates from the European Central Bank weakened the economy.

In addition, consumer spending appetite is also low, so it does not help push GDP into proper contraction. Developing markets need to be supported with clear outputs. In addition, the price pressure in the first ten months of the year expected Q4 is worse.

Projections like this come from the Euro area as well. The pound, which weakened compared to the US dollar, was also followed by the weakening of the euro. Recent survey data points also say that Christmas and winter are the most extensive tests for central banks.

The EU Commission believes Europe is entering a recession, which has something to do with the UK. The UK economy, which is moving on a path to recession, is also a gate-opener for harmful effects in Europe as Euro is weakening.