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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 EU economy is facing a very difficult period. Whilst some services sectors are continuing to benefit from further reopening following COVID, many industrial sectors have seen output hit by continuing global supply chain problems and are suffering due to rising energy and raw material prices.

Overall, we forecast the EU economy to grow by 2.6% between 2021 and 2022 (a downward revision of 1.3% from our Autumn forecast). But ‘within year’ growth in 2022 is expected to be just 0.6%, raising the prospect that individual EU Member States may experience at least ‘technical recessions’ during 2022.

We anticipate Euro Area inflation of 6.5% in 2022, falling to 2.6% in 2023. But this will depend upon a fall in energy prices and moderate wage increases amidst a very tight labour market. Our forecast suggests EU growth could reach 2.1% in 2023, although there are significant downside risks to such a figure.

Publications

Press releases Date
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
EU recovery continues despite challenges 20/10/2016
EU social partners should support reforms and growth to secure EU's social model 14/06/2016
Commission’s economic forecast underscores the need for policies supporting long-term growth 03/05/2016
"We must safeguard the EU economic recovery", Marcegaglia - BusinessEurope presents Economic Outlook at EU Tripartite Social Summit 14/10/2015
Reports and studies Date
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
BusinessEurope Economic Outlook Autumn 2015 - Global risks underline need for reforms to 'lock in' the recovery 15/10/2015
BusinessEurope Economic Outlook Spring 2015 - Policy action needed to make a temporary boost structural 29/04/2015
BusinessEurope Economic Outlook Autumn 2014 - Strong policy choices needed to rebuild momentum 22/10/2014
BusinessEurope Economic Outlook Spring 2014 - The recovery still needs securing 21/05/2014
Speeches Date
Macroeconomic dialogue meeting at political level, 11 March 2019 - Address by Markus J. Beyrer, BusinessEurope Director General 11/03/2019
Macroeconomic dialogue meeting at political level, 21 February 2017 - Address by Markus J. Beyrer, BusinessEurope Director General 22/02/2017
Macroeconomic dialogue meeting at political level, 7 November 2016 - Address by Markus J. Beyrer, BusinessEurope Director General 07/11/2016
Extraordinary macroeconomic dialogue at political level - Address by Markus J. Beyrer 14/06/2016
Macroeconomic dialogue meeting at political level, 11 February 2016 - Address by Markus J. Beyrer, BusinessEurope Director General 11/02/2016
Boosting convergence, jobs and growth: towards a strengthened role of social partners" - Address by BusinessEurope President Emma Marcegaglia at the EU Tripartite Social Summit 15/10/2015
Macroeconomic dialogue meeting at political level on 16 February 2015 - Address by Markus J. Beyrer, BusinessEurope Director General 16/02/2015
Macroeconomic dialogue at political level - Address by Emma Marcegaglia, President of BusinessEurope 07/07/2014
30th Macroeconomic Dialogue meeting at political level - Speech by Markus J. Beyrer 10/03/2014
Position papers Date
Reduction of the PRODCOM list from 8-digit to 6-digit level - a BusinessEurope position paper 19/01/2017
Public letters Date
Concerns about the SIMSTAT project - Letter from James Watson to Eurostat 13/05/2016
Reduction of the PRODCOM list from 8-digit to 6-digit level - Letter from James Watson to Eurostat 13/05/2016

Contact

James Watson

Director
Tel:
+32 2 237 65 15
Last updated: 7 July 2022