The European Union and the Eurozone are escaping the minor recession previously predicted. This is evident from the European Commission’s new economic growth forecasts on Monday.
The eurozone economy is expected to grow by 0.9 percent of GDP this year, and growth of 0.8 percent is expected across the EU. That is 0.6 and 0.5 percentage points better than predicted in November.
At that time, it was also assumed that the European economy would contract slightly in the last quarter of 2022 and the first quarter of 2023, thus meeting the recession condition.
But that is not the case. The negative growth expected in the last three months of last year was avoided. Over 2022, the economy in the twenty euro countries and the entire EU would still have grown by 3.5 percent. For 2024, a growth of 1.5 percent is predicted in the eurozone and 1.6 percent in the EU27.
The Belgian economy grew by 3.1 percent last year, the Commission calculated. She expects growth of 0.8 percent this year and 1.6 percent next year. As a result, inflation in our country is expected to be 4.3 percent this year, less than the 5.6 percent predicted for the entire eurozone.