Brussels has raised its GDP growth forecast for the Eurozone in 2023 to 0.9%, six tenths compared to the latest estimates. Inflation, for its part, will moderate to 5.6%.
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The European Commission has raised its GDP growth forecast eurozone an improvement of six-tenths in 2023 over their latest estimates, and for now rules out a recession.
For example, the new projections point to economic growth this year of 0.9% this year in the euro countries and 0.8% in the whole of the European Union (EU), five-tenths more than what it calculated in the fall, only to accelerate later to 1.5% and 1.6% in 2024.
In addition, the Community Executive draws a scenario of a gradual decrease in the inflation in the next two years to 5.6% in the Eurozone and 6.4% in the EU at the end of this year (nearly three points less than the average inflation rate for 2022 in both cases).
The European Commission’s new forecasts, presented at a press conference by the Commissioner for the Economy, Paolo Gentiloni, thus show that the European economy has avoided recession in the fourth quarter of 2022, but has warned that downside risks remain. the weather expectations.
In particular, Brussels highlights as one of the main positive factors the fall in energy prices to “levels even lower than before the war” thanks to the “continuous diversification of sources of supply” and the “sharp fall” in consumption.
By countries, Ireland will lead economic growth this year, with growth of 4.9%. Spain will grow at 0.8% above the Community average of Italy and Belgium, while Germany, for example, will be below (0.2%).
Sweden will be the only country in the community club to finish this year with a contraction of 0.8%.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
