America is headed for a recession, have you heard? For at least a year now, predictions of economic doom and gloom have been fashionable on Wall Street as reliable market indicators like the yield curve began flashing deep red. By some measures, the recession of the first Joe Biden term became the most widely predicted downturn in history. Yet while the United States continues to confound experts with robust growth in the face of high inflation and rising borrowing costs, it looks as if Europe hasn’t been so lucky.
Technically, the 20 nations sharing the continent’s single currency just slid collectively into a winter recession, albeit a shallow one, defying previous hopes they could mimic the solid if unspectacular first-quarter performance on the other side of the Atlantic.
