"Eurostat says that in the first quarter of 2023, the region's GDP decreased by 0.1% compared to the previous quarter. The last quarter of 2022 was the same in terms of dynamics. That is, we see a real technical recession," the investor said.
According to Sidorov, it all started with Germany, whose recession "manifested itself at the end of last year."
"The situation in the less powerful economies of the Eurozone is even worse. So, in Eastern Europe, many states are tied to trade relations with Russia, and the sanctions policy has hit them hard," he said.
The interlocutor of RT also added that the decline in economic development in Europe is taking place against the backdrop of rising interest rates and high inflation.
"Plus, the European Central Bank plans to raise the key rate once again. For investors, this is not the best news - we should expect an outflow of capital and a decline in the economies of the EU countries, "Sidorov said.
Earlier, the European Commission recognized the beginning of a recession in the euro area.