According to Bloomberg, chip sales in Europe will grow at the slowest pace in the world in 2023, and WSTS, a semiconductor trade statistics organization that tracks semiconductor shipments, has lowered its forecasts for 2022 and 2023.

The report pointed out that chip sales will fall more than previously expected as the international economy struggles under the pressure of rapid interest rate hikes and rising geopolitical risks, fueling fears of a global recession.

WSTS lowered its market outlook for the year to 13.9% from 16.3% previously. It forecasts chip sales to grow just 4.6% in 2023, the weakest pace of growth since 2019.