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5th June 2023
by FinanceMalta
14th February 2023
According to the European Commissionโs winter forecast, the EU and euro area should narrowly avoid a technical recession, which had been predicted in an earlier forecast.
Ireland tops the forecast at a projected 4.9 growth for the coming year, while Sweden sits at the bottom of the forecast with 0.8% decline in economic activity.
In addition, wholesale gas prices have fallen below pre-Ukraine war levels, while the EU unemployment rate remains at an all-time low of 6.1% by the end of 2022.
But there are challenges ahead. The European Commission noted in its forecast that consumers and businesses continue to face high energy costs while core inflation continued to rise in January.
As inflationary pressures persist, the European Commission expects that monetary tightening will continue, weighing on business activity and exerting a drag on investment.
Source: Malta Today
Growth forecast for 2023 (%):
๐ฎ๐ช 4.9
๐ฒ๐น 3.1
๐ท๐ด 2.5
๐ฑ๐บ 1.7
๐จ๐พ 1.6
๐ธ๐ฐ 1.5
๐ช๐ธ 1.4
๐ง๐ฌ 1.4
๐ฌ๐ท 1.2
๐ญ๐ท 1.2
๐ธ๐ฎ 1.0
๐ต๐น 1.0
๐ณ๐ฑ 0.9
๐ง๐ช 0.8
๐ฎ๐น 0.8
๐ช๐บ 0.8
๐ซ๐ท 0.6
๐ญ๐บ 0.6
๐ฆ๐น 0.5
๐ต๐ฑ 0.4
๐ฑ๐น 0.3
๐ฉ๐ช 0.2
๐ซ๐ฎ 0.2
๐จ๐ฟ 0.1
๐ช๐ช 0.1
๐ฑ๐ป 0.1
๐ฉ๐ฐ 0.1
๐ธ๐ช -0.8Winter #ECForecast โ
โ European Commission ๐ช๐บ (@EU_Commission) February 13, 2023
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