BRUSSELS (Reuters) – Eurozone finance ministers should remain optimistic about growth prospects when they meet on Monday to discuss the latest developments, as the economy has learned to adapt to the pandemic over the past two years, they said authorities.
The emergence of the Ômicron variant of the coronavirus has raised concern among some economists that the European economy could be heading towards more locks after a difficult period since the beginning of 2020.
But a senior official involved in preparing the meeting, at which the International Monetary Fund (IMF) will also present its views on the eurozone economy, said the new variant added to uncertainty but did not change the overall picture.
“The general picture is that the economic perspectives remain favorable”, said the official. “Growth in the second and third quarters of this year has been rapid and the recovery is likely to continue,” he said, adding that the IMF would also be quite optimistic about the recovery in its report.
The European Commission’s November forecast is that the eurozone economy will grow faster than previously expected this year and will continue to expand strongly into 2022, with deficits and public debt both declining.
The Eurozone’s Gross Domestic Product (GDP) is expected to grow 5.0% this year, after a 6.4% recession in 2020. Growth is expected to be 4.3% in 2022 and 2.4% in 2023.
(By Jan Strupczewski)
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