The EU´s executive body, in a report of its spring economic forecasts, said that the EU member economies will recover their levels prior to the Covid-19 pandemic by the end of 2022, forecasting a 4.4%.
The European Commissioner for the Economy Paolo Gentiloni told the press that ‘for the first time we feel optimistic over uncertainty, but such an uncertainty is still there and we must never forget it.
The EU commission forecast that the economic recovery will take place as vaccination programs progress and restrictions imposed by governments to face Covid-19 are defused.
According to the report, among key economies in the Eurozone, the largest rise in gross domestic product (GDP) in 2021 will be seen in Spain (5.9%), France (5.7%), Italy (4.2%), Germany (3,4%) and the Netherlands (2,3%).
Regarding the unemployment rate, the EU Commission forecast 7.6% in 2021, and 7.0% in 2022; while in the Eurozone it will increase at 8.4 and 7.8%, respectively.
On the other hand, inflation will be 1.9% in 2021 and 1.5% in 2022; while in the Eurozone it will reach 1.7% and 1.3%, respectively.