The rapid rise in energy prices in Europe, combined with a marked decline in consumer spending and business activity in European countries that have adopted the euro as their main currency, have led economists to say the dreaded word: recession.

The economic downturn deepened further in September, Reuters reports reportedciting a survey that revealed details indicating that the economies of these collective countries are likely to enter recession.

Consumers are cutting back on many types of discretionary spending as the cost of living rises in all areas.

In accordance with RTEproduction was particularly hard hit by the sharp rise in energy prices associated with Russia’s invasion of Ukraine.

Chris Williamson, chief business economist at S&P Global, said: “A recession is expected in the eurozone as companies report worsening business conditions and increased price pressures from a sharp rise in energy costs.”

How fast company pointed While a US economic recession has not been officially confirmed by economists, Wall Street investors and US CEOs have been taking steps to prepare for such a recession after gloomy forecasts.

While Europe is going through “severe difficulties,” as economist Aleksandar “Sasha” Tomic put it, the important thing is that the U.S. economy may face some of the same problems, but not all, that the eurozone faces.

Europe is dealing with inflation that is worse than the US economy. In addition, the consequences of Russia’s invasion of Ukraine are felt in the US to a lesser extent than in Europe.

In addition, European economies are smaller than other trading partners such as China, Canada and Mexico.

However, economists point out that regardless of whether European countries are in recession or not, the signs point to a very likely economic recession in the United States.

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