European energy crisis has intensified. Therefore, a deep recession is likely in Europe, economists at ABN Amro report.

Winter is coming

“We expect the energy crisis to tip European economies into recession over the coming months.”

“Even if gas rationing is somehow avoided, sky-high energy prices, weak consumer and business confidence and tighter financial conditions will be enough to put growth into reverse.”

“The silver lining is that, outside of energy, weaker demand is helping to ease supply bottlenecks.”