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EU upgrades economic forecasts

Saturday, 05 15 2021, Category: Economy, Country: Europe
The European economy looks like it will shine a little brighter this year.

The European Commission presented Wednesday a more upbeat assessment of how the 27 economies will perform this year, citing an improved vaccination campaign and the expectation that EU-wide fiscal stimulus will kick in the second half of 2021.

The Brussels-based institution now foresees a gross domestic product rate of 4.2% for the EU in 2021, and of 4.4% for next year. In February, it said GDP would be 3.7% this year and 3.9% in 2022.

The prospects for the 19 countries that share the euro have also improved. Growth is now estimated at 4.3% this year, instead of 3.8% as forecast in February. The European Central Bank said in March that GDP would reach 4% in the euro area this year.

“The shadow of Covid-19 is beginning to lift from Europe’s economy,” European Commissioner for Economic Affairs Paolo Gentiloni said in a statement, adding that the “unprecedented fiscal support has been — and remains — essential in helping Europe’s workers and companies.”

Source: cnbc.com
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