The EU economy will grow less than previously forecast this year, the European Commission has said, as it unveiled fresh downgrades to its GDP expectations owing to high inflation and sluggish business activity weighing on the bloc’s markets.
Finding ways to kick-start the EU’s moribund economy and falling global competitiveness has become the commission’s most pressing task, as growth remains tepid despite a €800bn stimulus programme rolled out across the bloc.
Both the EU and the eurozone will grow 0.6 per cent in 2023, the commission said on Wednesday, 0.2 percentage points lower than expected in its September forecast, and the second consecutive cut this year.
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