German economy shrank by 0.3% year-on-year last year. France also recently lowered its economic growth forecast for this year from 1.4% to 1%.
European Commission predicts that the euro zone's gross domestic product will grow by0.8% this year. IMF's forecast, the eurozone's economic growth will be 0.9% in 2024. Some analysts believe that weak economic growth may lead the EU to accelerate its shift to trade and investment protectionism, which will further dampen the European economy.