A poll of leading economists showed that three-quarters of them expect weak to very weak growth in Europe this year, the most pessimistic forecast of any region.
The survey of leading economists, released in conjunction with the World Economic Forum in Davos but conducted in November and December, found a significant geographic split, with 93% expecting moderate to strong growth in South Asia and 86% expecting it in East Asia.
For the United States, 56% expected moderate to strong growth, down from 78% in a September poll. By contrast, 77% expected weak to very weak growth in Europe, nearly double the number they expected in September.
The bleak outlook comes as the Federal Statistics Office reported that Germany's economy contracted by 0.3% in 2023, after rising by 1.8% in 2022. The statistics agency said that high prices and unfavorable financing conditions affected Europe's largest economy.
Meanwhile, only 13% expect inflation rates to rise in the US and Europe this year. China is the outlier in the other direction, with 76% expecting low or very low inflation.
The World Economic Forum polled economists at banks, consulting firms, international agencies as well as companies including Microsoft and Google.
