Blackrock, risk of recession in Europe at the turn of 2023


(ANSA) – MILAN, JUL 13 – The data that could confirm the recession in Europe could arrive for the last quarter of 2022 and the first of 2023. This was stated by Bruno Rovelli, Chief investment strategist of BlackRock Italia, who highlights a problem huge for the Old Continent: energy expenditure was about 2% of GDP last year while it is now 9.8%, compared to 5.1% in the United States.

“Especially for Mediterranean countries, post Covid reopening and tourism will support the economies”, but then the scenario risks worsening, adds Rovelli, presenting the Mid Year Global Outlook 2022 of the world’s largest investment company.

Regarding the tensions over the government, in Italy “there is always a political dimension that remains an open question: we must see how it evolves in the coming days and months”, explains the Chief Investment Strategist of BlackRock Italia. But would you move in the event of a Draghi 2 government not supported by the M5S or only for a wider crisis with possible elections? “We do not have the aptitude to consider” pure political risks “but to evaluate the possible macroeconomic consequences of political risks. The political crisis in itself does not mean much, important macroeconomic consequences mean a lot”, Rovelli replies.


Source: Ansa

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