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, in common with the rest of the global economy, is presently experiencing the deepest recession since the Great Depression of the 1930s. The imposition of comprehensive lockdowns has caused national economies and world trade to come to a sudden halt.
Whilst the situation remains very uncertain, our central forecast in our Spring 2020 Economic Outlook is for the EU economy to fall by 7.9% in 2020, and rebound with 5.8% growth in 2021. This implies that the economy will be operating just slightly below its pre-crisis level towards the end of 2021.
Both the EU and its member states have responded rapidly with unprecedented measures to support businesses through the crisis, and as a consequence, increases in unemployment in the EU have been much more modest than in the USA. But a co-ordinated fiscal stimulus remains essential to strengthening the recovery and minimising the long-term scarring to the EU economy.
Our analysis suggests increased fiscal stimulus by member states as part of a co-ordinated EU recovery plan could increase output and reduce the likelihood that the long-term economic impact of the crisis damages long-term EU economic convergence. To ensure a stronger recovery and address the economic crisis that is materialising, BusinessEurope set out proposals for a European economic recovery plan on 30 April 2020.
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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