Brussels, 28/05/2013 (Agence Europe) - The light at the end of the economic tunnel is finally visible, according to the latest economic forecasts of BusinessEurope (a private sector employers' organisation), published on Monday 27 May 2013, but these optimistic forecasts for 2014 are conditional upon the current drive of structural reforms, improvement in competitiveness and budget consolidation continuing apace.
Whatever the EU does, the prospects for 2013 are gloomy, with no growth expected in the EU27 and recession of 0.4% in the eurozone. But BusinessEurope says next year should provide an opportunity for getting the economic engine of Europe running again. The EU27 can expect growth of 1.4% of GDP, with unemployment falling by half a percent, and the eurozone growth of 1.1% without any change expected in the unemployment rate. The public deficit targets are on track to be met (2.8% on average in the eurozone in 2013), but the situation is almost the opposite for public debt (95%).
BusinessEurope says that policy perseverance can restore growth and that, although some political choices are being challenged at the moment, the EU must not alter its approach to the crisis. (JK/transl.fl)