BRUSSELS, May 15. /TASS/. China will become the fastest-growing economy among the world’s main ones, with its GDP growth projected at 5.5% in 2023 and 4.7% in 2024, according to the European Commission’s Spring Economic Forecast for 2023-2024 released on Monday.

In the outlook published last fall the EC projected Chinese GDP growth at 4.5% in 2023 and 4.7% in 2024.

The US’ economy is expected to grow by 1.4% this year (up from 0.7% expected earlier) and by 1% (down from 1.7%) in 2024, while the EU’s economy will add 1% in 2023, the EC said.

Global GDP growth is projected at 3.1% in 2023 (up from 2.9% expected in the fall) and at 3.3% in 2024 (down from 3.4%), according to the outlook.

Presenting the EC’s forecast, Commissioner for Economy Paolo Gentiloni said that the current economic factors affecting the development are various, though their resulting direction is more likely adverse. Speaking about the EU economy, Commissioner for Economy Paolo Gentiloni said: "We avoided a recession and are set for moderate growth this year and next."

The European Commission’s outlook on GDP growth in the eurozone countries for 2023 has been upgraded to 1.1% from 0.3% expected earlier, whereas the EU’s overall forecast has been raised to 1% from 0.3%. Inflation is expected at 5.8% this year and at 2.8% in 2024, while unemployment is projected above 6%.

The outlook on global prices for Brent crude oil for 2023 has been upgraded to $76.3 per barrel compared with its projection provided last fall before the price cap on the Russian oil was introduced of $63.9 per barrel. The EC’s Brent oil price projection for 2024 stands at $72.1 per barrel, up from $61.6 per barrel expected earlier.