All barometers point to a coming recession in Europe, with a number of key indicators ‘flashing red’. Ireland, however, is heading into this period of uncertainty on a stronger economic footing than it was in 2008, writes LorcanAllen
Earlier this month, Søren Skou warned that international trade was beginning to slow. The chief executive of Maersk, the world’s second-largest shipping company and a bellwether for the global economy, was among the first to warn of a coming recession.
“We see a recession looming . . . every indicator we are looking at is flashing dark red,” Skou warned. The head of the Danish shipping giant was not alone in his prediction. In a recent interview with the Business Post, Kasper Elmgreen, head of equities at Amundi, Europe’s largest asset manager, said the European economy was decelerating at a rapid pace as consumers reined in spending in the face of soaring inflation and rising interest rates.
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