European Commission cuts its forecast for eurozone growth in 2024 to 0.8%

GDP growth in the eurozone for 2024 will drop to 0.8% compared to 1.2% expected in the fall, according to the spring forecast of the European Commission (EC), Report informs referring to TASS.

In 2025, the EC expects growth of 1.4%, while six months ago it expected 1.6% growth. The EC noted the end of the technical recession and a return to growth in the second quarter of this year.

The EC expects growth of 1% in all 27 EU countries in 2024, and 1.6% in 2025. The EU unemployment rate is at a record low of 6%, with inflation falling to 2.7% and 2.2% in 2024 and 2025 respectively.