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EU Economic Forecast May 2021

France is the Cote d’Azur.

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London — The European economy looks a little brighter this year.

On Wednesday, the European Commission gave a brighter assessment of how 27 economies will work this year, citing improvements in vaccination campaigns and expectations that EU-wide fiscal stimulus will begin in late 2021. Was announced.

The Brussels-based agency currently forecasts a 2021 EU gross domestic product of 4.2% and next year’s gross domestic product of 4.4%. In February, GDP will be 3.7% this year and 3.9% in 2022.

The outlook for the 19 countries that share the euro has also improved. This year’s growth rate is estimated to be 4.3% instead of 3.8% in February. The European Central Bank announced in March that GDP will reach 4% in the euro area this year.

“The shadow of Covid-19 is beginning to emerge from the European economy,” Paolo Gentiloni’s European Commission for Economic Affairs said in a statement. “Unprecedented financial support has given European workers and businesses. It was and is still essential to support, “he added.

“And, of course, maintaining the current strong pace of vaccination in the EU is very important to the health of our citizens and the economy,” said Gentiloni.

The latest forecasts have come at an important moment for many EU countries to announce or even implement the lifting of the Covid-19 restriction.

Greece has welcomed tourists since Friday. Belgium said Tuesday that it plans to lift almost all restrictions on June 9. The border between Portugal and Spain has also reopened.

These are just a few examples of how the economy is open ahead of the summer season, when many tourism-dependent countries want to attract more foreign tourists than last year.

People walking on the beach on the first day after the state of emergency was lifted.

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EU Economic Forecast May 2021

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