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Economic growth in the EU, slower than expected

2023-09-11 13:40:11Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Economic growth in the EU, slower than expected

The economies of the 27 countries of the European Union will continue to register slower than expected economic growth due to high inflation, the European Commission said in the forecast published on Monday.

Initially, the Commission predicted growth of the bloc's economy by 1 percent in 2023, but the current situation indicates a growth of 0.8 percent.

The forecast for 2024 has been reduced to 1.4 percent from 1.7 percent initially.

According to the report, the slowdown was marked by a decrease in demand due to high inflation rates.

"The EU economy has faced two serious situations: the coronavirus pandemic and Russia's war in Ukraine. The high rate of inflation has taken its toll, although now it has started to fall", said the vice president of the European Commission, Valdis Dombrovskis.

The inflation rate is expected to reach 6.5 percent in 2023 and 3.2 percent in 2024.

In the Eurozone, prices of consumer products are expected to increase by 5.6 percent in 2023 and 2.9 percent in 2024.

Russia's war that continues to take place in Ukraine, the high rate of interest rates, inflation and the impact of extreme weather on the economy, continue to pose a risk to the bloc's economy, the European Commission has said, among other things./REL


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