With the faster than expected lifting of health restrictions supporting a rapid recovery of economic activity, the European Commission on Wednesday 7 July revised its growth forecasts upwards sharply for 2021 and moderately for 2022.
The economy is expected to grow by 4.8% of GDP in 2021 and 4.5% in 2022 at both the euro area and EU level. Compared to the Commission’s May forecast (see EUROPE B12719A2), this adjustment amounts to an upward revision for the EU of “+0.6%” for 2021 and...