IMF European department press briefing

At the regional Economic Outlook for Europe Press Briefing on October 16 in Bangkok, Thailand, Director of IMF European Department Mateusz Szczurek said Europe had suffered less than expected due to the conflicts in Ukraine and the Middle East.

He stated that Europe has weathered the initial impact of the latter far better than feared. He highlighted that one factor behind that is progress towards the energy transition with the adoption of renewable energy reducing reliance on imported fossil fuels, adding that the prolonged period of high energy prices will continue to weigh on the economy.