The CEOs of several European blue chip companies have told CNBC that they see a significant recession coming down the pike in Europe.
associated economic sanctions and energy supply concernsThe euro zone faces concurrent economic shocks from the war in Ukraine and a surge in food and energy prices exacerbated by the conflict, along with a supply shock arising from China's zero-Covid policy. That has prompted concerns about "stagflation" — an environment of low economic growth and high inflation — and eventual recession.
"For sure, we see a big recession in the making, but that's exactly what we see — it's in the making. There is still an overhanging demand because of the Covid crisis we just are about to leave," said Stefan Hartung, CEO of German engineering and technology giant"It's still there and you see it heavily hitting us in China, but you see that in a lot of areas in the world, the demand of consumers has already even been increased in some areas.
In particular, Hartung noted lingering consumer demand for household appliances, power tools and vehicles, but suggested this would dissipate.
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