Economy

Mario Draghi: Euro zone recession almost sure to happen

Unemployment across the area remains remarkably high meaning countries would be better able to weather the economic storm, Draghi said

Mario Draghi, the former ECB president, warned the euro area was heading for recession. Picture: Chris Ratcliffe/Bloomberg

The euro zone is nearly certain to experience a recession by the end of 2023, former European Central Bank President Mario Draghi said, according to the Financial Times.

Speaking on Wednesday to a conference in Brussels organized by the newspaper, he said the slump probably won’t be “deep” or “destabilising.”

“It is almost sure we are going to have a recession by the year-end,” the FT cited the ex-central banker and former prime minister of ...