Eurozone economy expected to grow 0.9% in 2023 amid easing energy crisis

MG News | February 13, 2023 at 05:26 PM GMT+05:00

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February 13, 2023 (MLN): The European Commission has revised its 2023 economic forecast for the eurozone, stating that the region will experience growth of 0.9% instead of the previously estimated 0.3%, as APP reported.

The change is due to favorable developments that have helped the eurozone weather the impact of Russia's invasion of Ukraine.

Inflation is expected to slow down as well, with the commission stating that the peak is now behind us after reaching a record high of 10.6% in October.

However, economic headwinds still remain with consumers and businesses facing high energy costs. The ECB is expected to continue its monetary tightening, which could weigh on business activity and investment.

The European Commission's growth forecast for 2024 remains unchanged at 1.5% and inflation is predicted to be 2.5% next year. The risks to growth are broadly balanced, but uncertainty remains high.

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