A new survey from the Financial Times of 48 economists predicts that the Eurozone’s 20-nation bloc will see only moderate economic growth, growing only 0.6% in 2024.

There were more optimistic outlooks released by the European Central Bank (ECB) and the International Monetary Fund (IMF), with those institutions predicting the Eurozone economy would grow 0.8% and 1.2% respectively.

The experts FT polled said that the Eurozone economy will not exceed 0.6% growth despite the expectation that the growth in wages will outpace inflation. Two-thirds of the respondents predicted the Eurozone would slip into recession in 2024, which is defined as two consecutive quarters of GDP contraction. The economists predicted that wage growth in the Eurozone would only total 4% in 2024, as consumer prices rose by over 2.5% in 2024 and slightly under 2.1% in 2025.

Previously the ECB predicted that wages and inflation next year would grow 4.6% and 2.7% respectively. That would be the first growth in real household incomes in three years. The central bank predicts that consumer prices will grow 2.1% in 2025, while unemployment is forecast to increase from a record low for the Eurozone of 6.5% in October, to 6.9% by the end of 2024, according to the majority of the economists that FT surveyed.

The economists also predicted that there would be a deeper recession, driven by high interest rates, likely turmoil in the energy markets, and geopolitical instability. Specifically, they cited the possible election of Donald Trump to the American Presidency, as well as Ukraine losing the war with Russia as two factors which could send the Eurozone into a period of even weaker economic growth.