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- Euro zone growth forecasts lowered as coronavirus restrictions drag
Euro zone growth forecasts lowered as coronavirus restrictions drag
CNBC reports that the European Commission has turned more negative on its prospects for the euro zone’s economy, projecting a lower growth rate for the region in 2021 as governments grapple with new variants of coronavirus.
European Commission expects the 19-member region to grow by 3.8% this year. In November, it had forecast a 4.2% GDP (gross domestic product) rate for 2021.
The latest forecasts come at a tricky time for the European Union as its Covid vaccine rollout faces issues around production, supply and red tape.
Going forward, the European Commission expects 2022 GDP in the euro area to reach 3.8%, having projected a 3% GDP rate for next year in November.
Looking at individual countries, Germany is seen growing by 3.2% in 2021, having contracted 5% in 2020. France on the other hand is expected to see a GDP rate of 5.5% this year, after dropping more than 8% in 2020.
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