The risks of the US and Europe sliding into recession have picked up sharply, economists have warned ahead of the G7 summit that begins this weekend in Bavaria.
Economists on both sides of the Atlantic told the Financial Times they had become increasingly pessimistic following the Federal Reserve’s decision to go big on rate rises to counter soaring inflation, and on mounting concerns over Europe’s gas supply in the run-up to winter.
Holger Schmieding, chief economist at Berenberg Bank, said the balance had now “tipped” in favour of an economic contraction next year in the US and Europe. “What used to be a rising risk has now turned into the base case.”
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