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.
After a strong first half year driven by post-Covid service sector reopening, business sentiment has declined rapidly in recent months. Soaring energy bills and continuing supply chain disruptions mean costs for businesses are rising much faster than consumer inflation. With margins falling and the prospect of consumer demand also falling, many businesses are cutting production.
Our central forecast is for the EU economy to grow by 2.8% between 2021 and 2022. But we now expect EU growth of only 0.6% in 2023, compared to the 2.1% we expected in the summer. We expect euro area inflation of 8% in 2022, falling moderately to 5% in 2023. But even this disappointing outlook will depend upon no further increases in energy prices, a further easing of supply chain pressures, and policies that respond to the energy price shock in a timely, comprehensive, and well balanced way.
Publications
| 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 |
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