The economic forecast of the European Commission show the worst is passed, but reforms remain key
by Emiliano Biaggio
Europe turned page, leaving the crisis behind it. It's the main result shown by the winter economic forecast of the European Commission, released today in Strasbourg. GDP is expected to increase from 0,1% in 2013 up to 1,5% in 2014 and up to 2% in 2015, while the Gross domestic product of the Euro area will better underline the positive trend passing from contraction (GDP at -0.4% in 2013) to expansion (GDP at +1.2% in 2014 and +1.8% in 2015). Good news come from the unemployment forecast, too. Employment growth is set to accelerate, resulting in a slight reduction of unemployment from 10.9% in 2013 to 10.4% in 2015. Of course - pointed out the European commissioner for Economic affairs, Olli Rehn - the forecast remains based on the assumption that the implementation of agreed policy measures at EU and Member State level sustains improvements in confidence as well as financial conditions and advances the necessary economic adjustment in Member States, by increasing their growth potential. «To make the recovery stronger and create more jobs, we need to stay the course of economic reform», he stated. The forecast, he added, suggest that «recovery is gaining ground in Europe», but a lot has to be done. «The worst of the crisis may now be behind us, but this is not an invitation to be complacent, as the recovery is still modest».
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| Olli Rehn |
Europe turned page, leaving the crisis behind it. It's the main result shown by the winter economic forecast of the European Commission, released today in Strasbourg. GDP is expected to increase from 0,1% in 2013 up to 1,5% in 2014 and up to 2% in 2015, while the Gross domestic product of the Euro area will better underline the positive trend passing from contraction (GDP at -0.4% in 2013) to expansion (GDP at +1.2% in 2014 and +1.8% in 2015). Good news come from the unemployment forecast, too. Employment growth is set to accelerate, resulting in a slight reduction of unemployment from 10.9% in 2013 to 10.4% in 2015. Of course - pointed out the European commissioner for Economic affairs, Olli Rehn - the forecast remains based on the assumption that the implementation of agreed policy measures at EU and Member State level sustains improvements in confidence as well as financial conditions and advances the necessary economic adjustment in Member States, by increasing their growth potential. «To make the recovery stronger and create more jobs, we need to stay the course of economic reform», he stated. The forecast, he added, suggest that «recovery is gaining ground in Europe», but a lot has to be done. «The worst of the crisis may now be behind us, but this is not an invitation to be complacent, as the recovery is still modest».
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