What would a European recession mean for the U.S. economy?
September 20, 2022
While the jury is still out on whether the U.S. economy is, in fact, in a recession, there are signals from across the pond that the economic outlook in Europe is worsening. Economist Mohamed El-Erian, chairman of investment firm Gramercy Funds, recently said during a Gramercy webcast that a European recession is a “done deal.”
Other experts agree. “Europe is struggling mightily,” says economist Aleksandar “Sasha” Tomic, an associate dean for strategy, innovation, and technology at Boston College. “If they aren’t in a recession yet, they will be soon. It’ll be very difficult to avoid.”