Citigroup cuts 2023 economic growth forecast for euro area to 0.8%

📆 2023-07-05 10:35 AM

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📆 2023-07-05 10:35 AM
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Citigroup cited pressures from a high interest rate environment as the European Central Bank has signalled further hikes

cut its 2023 economic growth forecast for the euro area, citing pressures from a high interest rate environment as the European Central Bank has signalled further hikes.

The ECB’s deposit rate now stands at a 22-year high of 3.5 per cent following a 25-basis point hike last month. Policy-makers have signalled more hikes to come to tame sticky inflation, which has remained above the ECB’s 2 per cent target. However, Citi raised Italy’s real GDP growth forecast to 1.3 per cent from 0.4 per cent previously, citing normalization of tourism inflows and contact-intensive activities, and the effects of fiscal stimulus.

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