{"id":367098,"date":"2024-06-05T12:06:23","date_gmt":"2024-06-05T10:06:23","guid":{"rendered":"https:\/\/www.eunews.it\/2024\/06\/05\/businesseurope-competitivita-mercato-pil\/"},"modified":"2024-06-10T13:04:29","modified_gmt":"2024-06-10T11:04:29","slug":"businesseurope-publishes-slowing-eu-growth-estimates-1-2-percent-in-2024-and-1-8-percent-in-2025","status":"publish","type":"post","link":"https:\/\/www.eunews.it\/en\/2024\/06\/05\/businesseurope-publishes-slowing-eu-growth-estimates-1-2-percent-in-2024-and-1-8-percent-in-2025\/","title":{"rendered":"BusinessEurope publishes (slowing) EU growth estimates: +1.2 percent in 2024 and +1.8 percent in 2025"},"content":{"rendered":"

Brussels – In 2024, the European Union economy will grow by 1.2 percent, <\/strong>according to\u00a0findings of the spring report<\/a> published today (June 5) by BusinessEurope,\u00a0<\/strong>the association of European employer confederations. Compared with the Autumn Economic Outlook, there was a 0.4-point downward revision to 2024 growth. The Eurozone economy\u00a0is forecast\u00a0to grow by 0.9 percent in 2024 and 1.4 percent in 2025. The publication of the report on the eve of the European elections (June 6-9) is also an opportunity for BusinessEurope to indicate its priorities to future policymakers<\/strong>.<\/p>\n

The EU’s economic growth expectation for\u00a02024 and 2025, when GDP is forecast to be up 1.8 percent, is confirmed. Driving growth should be\u00a0increased private consumption and investments<\/strong>. In addition, in 2024, central banks, including the ECB, are expected to proceed with a policy of cutting interest rates<\/strong> that will have positive effects on the market. The report also points to an\u00a0improving trend for\u00a0inflation, declining from<\/strong> 2.9 percent in 2024\u00a0to 2.3 percent in 2025.<\/p>\n

On the eve of the vote for the European Parliament, BusinessEurope urged future policymakers to take a path to improve the competitiveness of the European market. With this in mind, the report published<\/a>\u00a0by\u00a0Enrico Letta<\/strong> and the one expected from Mario Draghi<\/strong> at the end of June should act as\u00a0the guiding star. In addition,\u00a0the EU should also strengthen and, at the same time, streamline its decision-making process. BusinessEurope also mentions the structural challenges facing\u00a0European industry vis-a-vis\u00a0global competitors, such as high energy prices. Protecting and safeguarding European production must be a task for the EU to ensure the economic security and prosperity of the system.<\/p>\n

The data from the spring report were commented on by Markus J. Beyer<\/strong>, managing director of BusinessEurope, who said that despite the positive outlook, the future is uncertain: “EU industrial production remains just above pre-Covid levels, with capacity utilization at its lowest level since 2013 (if we exclude the Covid period).” Beyer believes the next legislature will play a key role in shaping Europe’s future, especially if it can “put competitiveness and the single market at the center of the next policy cycle and develop a long-term European growth strategy.”<\/p>\n