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.
Following the deepest falls in output since the Great Depression in this spring, the EU economy began its recovery during the summer, but the path back to pre-COVID levels of output is likely to be long and uneven, with uncertainty unusually high.
We expect the EU economy to fall by 7.3% in 2020 as a result of the COVID-19 epidemic and associated lockdowns, followed by growth of 5.0% in 2021. And whilst official data shows only marginal increases in unemployment, falls in hours worked are equivalent to 18 million full time jobs in the third quarter of 2020.
Underlining the challenges ahead, we forecast that even by Q4 2021, the level of economic activity will be around 3% below the precrisis level.
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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