EU forecast: growth prospects improved significantly

By: Trademagazin editor Date: 2021. 05. 12. 11:17

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The growth prospects for the European Union and the euro area have improved significantly, according to the European Commission’s (EC) spring economic forecast. Although the rate of growth will vary from one Member State to another, compared with the winter forecast published in February, by the end of 2022 Member States’ economic performance may return to pre-crisis levels caused by the coronavirus pandemic.

The European Union’s economy could grow by 4.2 percent in 2021 and by 4.4 percent in 2022, while the eurozone economy will grow by 4.3 percent this year and by 4.4 percent next year. In its winter forecast, the EC has expected only 3.8 percent economic growth in the euro area this year and next, and forecasts 3.7 percent growth for the EU economy in 2021 and 3.9 percent in 2022. (MTI)