Investing.com – European Union Commission, published. The Commission revised its growth and inflation projections.
The EU Commission revised down its 2021 forecast to 3.8%, which previously predicted 4.2% growth for the Eurozone, while revising its 2022 growth forecast upwards from 3% to 3.8%. The Commission targets 1.4% inflation for 2021 and 1.3% for 2022.
The remarkable statements in the report prepared by the EU Commission: It was predicted that the economic recovery progressed slower than the autumn period, but the dark period that started with the pandemic is coming to an end, and the recovery will accelerate from the second half of the year.
Italy and Spain, which have the most troubled economy in Europe, are expected to take longer to return before the epidemic.
Stricter measures are taken in places in the restrictions that started in the last quarter of the year due to the pandemic in Europe. While Germany decided that the restrictions, which it had previously extended to the middle of February, will continue until March 7, strict quarantine measures were implemented in Greece. Consequently, each prolonged restriction causes the economic recovery to slow down. Therefore, the EU Commission is of the opinion that a more significant improvement will begin in the second half of the year, with fewer cases due to vaccination.
Author: Necdet Erginsoy
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