International credit rating agency Fitch Ratings reported that the gas stoppage through the Nord Stream pipeline further increases the likelihood of a recession in the Eurozone.
In the statement made by the credit rating agency, it is predicted that the complete closure of the Nord Stream pipeline will cause a 1.5-2 point decrease in the Euro Area Gross Domestic Product (GDP) in 2023 compared to the forecasts made by the agency in June. Fitch, in its forecasts in June, announced that the Eurozone economy is expected to grow by 2.6 percent this year and 2.1 percent in 2023.
In the statement, it was noted that the complete cessation of gas supply through the Nord Stream pipeline further increased the likelihood of a recession in the Eurozone.
In the statement, it was stated that the effects of the Russian gas cessation will differ between European Union (EU) countries, and it was stated that countries such as Germany, which are highly dependent on the Nord Stream pipeline and have low options to diversify their gas resources, have limited room for maneuver.
