The total size of the gross domestic product (GDP) of the European Union (EU) countries will increase by 0.8 percent this year. Initially, it was assumed that this indicator will grow by only 0.3%, reported In the updated estimate of the European Commission (EC).
“The EU economy entered 2023 with a better performance than expected in the autumn. In the EC statement, the winter interim forecast raises its growth forecast for this year to 0.8% in the EU and 0.9% in the euro area.
Currently, officials from both associations (EU and eurozone) are determined to avoid a technical recession this year. This can be achieved, among other things, by lowering inflation rates in the regions, which is also provided by the updated EC forecast.
“Headline inflation in the EU is projected to fall from 9.2% in 2022 to 6.4% in 2023 and to 2.8% in 2024. Eurozone growth is projected to slow from 8.4% in 2022 to 5.6% in 2023 and 2.5% in 2024.”
February 7 Bank of America analysts developed Forecast for global economic growth up to 2.5% in 2023. The bank also believes that China’s GDP growth will accelerate to 5.5%, while the European Union (EU) economy will increase by 0.4%. in the current year and 0.9% bp – in the next.