The European Commission put forward an update of its economic forecasts, which will be announced this Friday, this Monday. “slowing” or “weakening” the economy and “high inflation” in the next exercises.
“We will publish our forecasts on November 11 and they can be said to confirm the slowdown and weakening of the economy as well as high inflation,” said Valdis Dombrovskis, Community Executive Vice President. He made statements to the press before attending the Eurogroup meeting.
But the Dombrovskischose not to put forward more specific “figures” or “details” on the matter. and urged community officials to hold off on this Friday’s conference to learn about new economic forecasts.
Similarly, Paolo Gentiloni, Commissioner for the Economy, stressed that the European economy will remain in the “positive” region in the fourth quarter of the year. “It’s slowing down, and a contraction is coming, at least in the winter,” he admitted.
The latest estimates from Brussels, published in mid-July, economic growth is 2.6 percent this year EU and in the euro area it will be reduced to 2.6%, then to 1.5% and 1.4%respectively, in 2023.
Regarding the rise in prices, the European Commission raised inflation to 8.3% in the euro area and 7.6% in the EU in July, then easing to 4.6% and 4% in 2023.
Both Dombrovskis and Gentiloni emphasized the need for fiscal policy implemented by governments to deal with problems inflation and energy crisis It is not against monetary policy. The European Central Bank (ECB) is characterized by recent rate hikes.
In this sense, the Commission’s economic vice-president “unfortunately” lamented. Most of the measures taken by Member States are not “targeted”, Therefore, it will discuss with the partners of the common currency how to move to a more concrete response that does not involve generalized actions.
Gentiloni was a little more optimistic, noting that in recent weeks there has been a “small increase” in specific measures representing just over 30% of all fiscal stimulus compared to the 20% previously announced.
“But we need to get more if we want to deal with the situation we are in next year and avoid financial problems.‘, he warned.
Source: Informacion
Christina Moncayo is a contributing writer for “Social Bites”. Her focus is on the gaming industry and she provides in-depth coverage of the latest news and trends in the world of gaming.