“Economic growth is proving quite resilient this year. However, a downward revision of growth is expected this year and even more so in 2023, because there are many uncertainties and risks,” said the vice-president of the European Commission.
The European Commission is expected to revise upward its inflation forecasts and down its growth forecasts in the EU this year and next year, said the vice-president of the Commission, Valdis Dombrovskis joining the Eurogroup.
The European Commission will present its economic forecasts for inflation and growth on 13 July. “Economic growth is proving quite resilient this year. However, a downward revision of growth is expected this year and even more in 2023, because there are many uncertainties and risks“, he stated, while noting that the rising inflation ‘continues to surprise us’; therefore the Commission will revise it upwards.
The economic situation and fiscal guidance for 2023 are at the heart of the Eurogroup meeting today in Brussels. “We need to find the right balance between supporting the economy, especially for the most vulnerable in terms of energy and food prices, but also generally moving towards a more prudent fiscal stance, taking into account the effects of inflation and currency constraints on service of public debt“, said V. Dombrovskis.
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