According to AFP, the European Union (EU) has cut its growth forecast for 2021 as the European Union continues to impose new restrictions due to the persistence of coronary conditions. According to a new report from the European Commission, the 19 member states of the Eurozone's average economic growth will be 3.8%, which is 0.8% higher than the previous estimate. Still, the European Union's economic growth is projected at 3.7% instead of the previous 3.9%.
The European Union expects the economy to return to pre-Corona levels by 2022, but some countries' economic recovery will be longer. "We still have the economic pains of the pandemic, and the social and economic consequences of the corona are apparent, we are not done yet, but I hope for the end, " said Paolo Gentiloni, the EU's economic commissioner.
According to the European Commission, the Corona pandemic situation is changing day by day, and therefore accurate economic forecasts are not possible. The forecast is based on the assumption that the restrictions will last until March.
Among different countries, economic growth in Germany is projected at 3.2 percent and France at 3.1 percent. Italy, again embroiled in a political crisis, is likely to grow by 3.4 percent. The European Central Bank has injected € 750 billion (over $ 900 billion) in liquidity into the markets.