The U.K. will enter recession in the fourth quarter, the Bank of England predicted last week. It estimated that the country's economic growth has slowed, and the manufacturing sector will show a quarterly decline starting in the last trimester. The decline will continue until the end of 2023, the regulator warned. He cited a sharp rise in energy prices as the reason.

In 2024, the Bank of England expects GDP growth to resume, but notes that it will be very weak.

Deterioration of the economic situation is also predicted in Germany. According to calculations by Compact, quoted by Prime news agency, due to the above-mentioned rise in prices, the German electricity bill will cross the mark of 2,000 euros, which is more than 1,000 euros higher than it is now. Against this background, financial problems will arise not only for the share of the population with low income, but also for wealthy citizens, the publication states.