The Strategist

UN expects weak economic output growth in EU

01/26/2023 - 06:33

According to the UN report, due to the energy crisis and inflation, the European Union's economic production will only increase by 0.2% in 2023.

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Public Domain Pictures
"Economic output in the European Union is forecasted to expand by only 0.2 percent in 2023 as the region battles with an energy crisis and a cost-of-living crisis made worse by the war in Ukraine," the report reads.

The UN believes that this abrupt slowdown follows an unexpectedly strong 2022 growth rate of 3.3%.

According to the paper, "on the back of stronger domestic demand and a more favorable global environment, economic growth is anticipated to increase to 1.6 percent in 2024."



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Thursday, July 18th 2024 - 06:42 Eurozone inflation expected to slow to 2.5% in June