EU Slashes 2021 Growth Forecast, But Eyes Big Rebound

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The European Commission said GDP growth in the 19 countries that use the euro would hit 3.8 percent this year, with the recovery coming later than originally hoped. This was down from the 4.2 percent for 2021 forecast in November. But Brussels gave a sharp boost to its prediction for growth next year, upping it to 3.8 percent from 3.0 percent earlier. Most hopefully, the EU said that the European economy would reach pre-pandemic levels in 2022, which was faster than earlier hoped, although the recovery would be uneven among member states. "We remain in the painful grip of the pandemic, its social and economic consequences all too evident," the EU's Economy Commissioner Paolo Gentiloni said.


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