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Macroeconomic policy / 'Economic Outlook'

The Economic Outlook is our twice-yearly review of recent economic developments and projection of future economic developments. It is based on input from our member federations across Europe.

The Spring 2023 edition highlights that falling energy prices through the mild winter have helped steer the EU economy away from recession, but the situation remains challenging for many companies. The EU economy has avoided recession, but many challenges remain.

More than half of our member federations view the overall business climate as generally better than the extremely uncertain outlook in the autumn. Energy prices and supply chain disruptions are declining, but companies, especially SMEs, continue to operate in a highly uncertain environment. In 2023, bankruptcy declarations reached the highest level in the last eight years.

The EU economy is forecasted to grow by 0.7% in 2023 (an upward revision of 0.1% from our Autumn forecast) and 1.6% in 2024. Euro area inflation rate is forecasted to gradually decline but to remain elevated at 5.4% in 2023 and 2.7% in 2024.


Press releases Date
Recession avoided for the EU economy, but challenges remain 08/06/2023
The rapidly increasing numbers of bankruptcies are alarming 17/02/2023
Action is needed now to avoid further investment leakage due to rising costs 07/11/2022
Improving business environment is crucial to face rising costs and falling growth 07/07/2022
Price rises must be met with moderation 08/11/2021
EU recovery underway, but spread of new covid variants remains clear risk 12/07/2021
Rapid implementation of EU recovery instrument is key in enduring COVID crisis 03/11/2020
Coordinated fiscal stimulus necessary to deliver full recovery by end 2021 19/05/2020
EU faces economic slowdown due to trade tensions 07/11/2019
EU finance ministers must achieve breakthrough on EMU completion 12/06/2019
Escalating global trade tensions and skills shortages a risk for EU economy 05/11/2018
EU growth at risk of peaking 22/06/2018
EU’s economic recovery picks up momentum 06/11/2017
Reports and studies Date
BusinessEurope Economic Outlook Spring 2023 - Recession avoided for the EU economy, but challenges remain 08/06/2023
BusinessEurope Economic Outlook Autumn 2022 – Businesses face a difficult winter as sentiment falls and costs rise 07/11/2022
BusinessEurope Economic Outlook Summer 2022 - European businesses face a difficult period as costs rise and growth falls 07/07/2022
BusinessEurope Economic Outlook Autumn 2021 - Keeping the recovery on track despite mounting price pressures 08/11/2021
BusinessEurope Economic Outlook Summer 2021 - Securing the recovery 12/07/2021
BusinessEurope Economic Outlook - Winter 2020-2021 update 03/02/2021
BusinessEurope Economic Outlook Autumn 2020 - Protecting Europe's fragile recovery 03/11/2020
BusinessEurope Economic Outlook Spring 2020 - Strengthening the economic recovery 19/05/2020
BusinessEurope Economic Outlook Autumn 2019 - EU economy weakens as trade tensions continue 07/11/2019
BusinessEurope Economic Outlook Spring 2019 - EU growth falters 13/06/2019
BusinessEurope Economic Outlook Autumn 2018 - EU growth to remain above trend 05/11/2018
BusinessEurope Economic Outlook Spring 2018 - EU growth at risk of peaking 22/06/2018
BusinessEurope Economic Outlook Autumn 2017 - The EU's economic recovery picks up momentum 06/11/2017
BusinessEurope Economic Outlook Spring 2017 - The EU economic recovery continues 08/06/2017
BusinessEurope Economic Outlook Autumn 2016 - EU recovery continuing despite Brexit vote 19/10/2016
BusinessEurope Economic Outlook Spring 2016 - Political uncertainty dampening Europe's economic recovery 01/06/2016


James Watson

+32 2 237 65 15
Last updated: 9 June 2023