European economic forecast report for autumn 2021 From European Commission
The following is the European economic forecast report for autumn 2021 From European Commission recommended by recordtrend.com. And this article belongs to the classification: Investment & Economy, research report.
The European Commission released the “European economic forecast for autumn 2021”, with the main findings including:
Spring brings a positive growth surprise.
Household consumption expenditure continued to grow in response to the improving pandemic and the gradual easing of restrictions. EU private consumption increased by 3.3% month on month in the second quarter of 2021.
In the summer, the EU economy returned to its pre pandemic level.
Economic indicators show that economic growth continues unabated in summer, thanks to the recovery of tourism within the EU, especially EU tourism destinations. The expected growth rate in the third quarter is 2.1%.
New resistance to the economic outlook is increasing.
The economy’s supply is trying to keep up with global demand in fluctuations. This affects several key industries, including global logistics and the production of raw materials and microprocessors.
Soaring energy prices put pressure on consumption and investment.
Soaring energy prices, especially those of natural gas and electricity, are expected to curb growth in the short term. After a sharp decline in 2020, energy prices have risen in a volatile form in the past month and are now higher than pre pandemic levels.
It is estimated that the growth rate of EU in 2021, 2022 and 2023 will be 5%, 4.3% and 2.5% respectively.
Despite these adverse factors, it is expected that the EU will continue to expand for the rest of this year and achieve a growth rate of 5% (i.e. 0.2 percentage points) in 2021 (as in the eurozone). Higher than summer forecast. EU economic activity is expected to grow steadily by 4.3% (the same as in the eurozone) in 2022 and then decelerate to 2.5% (2.4% in the eurozone) in 2023.
Labour market conditions are improving
The labor market also improved significantly in the second quarter, creating about 1.5 million jobs, working hours rebounded rapidly, and many workers withdrew from the job retention plan.
Labor shortages are emerging.
The EU unemployment rate was 6.8% in August, slightly higher than the record at the end of 2019.
The labour market will recover in 2022.
It is estimated that 3.4 million jobs will be created in 2022 and 2023, reducing the EU unemployment rate to 6.5% in 2023.
As the impact of the epidemic weakens, the EU common account surplus is expected to increase.
During the forecast period, the EU common account surplus is expected to increase from 2.7% in 2020 to 3.2% in 2023, higher than 3% before the pandemic.
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