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EC raises forecast for GDP growth in Eurozone countries to 1.1% in 2023

According to the European Commission's forecast, China will become the fastest-growing economy among the world's major economies, with GDP growth of 5.5% in 2023 and 4.7% in 2024

BRUSSELS, May 15. /TASS/. The European Commission (EC) increased its outlook for GDP growth in Eurozone countries in 2023 to 1.1%, up from 0.3% in the fall forecast, and to 1% throughout the EU, according to the European Commission's spring economic projection, which was released on Monday.

Inflation is anticipated to reach 5.8% in 2023, 2.8% in 2024, and the unemployment rate will somewhat fluctuate but remain around 6%.

The EU economy managed to avoid a recession and grew marginally (by 0.3% year-on-year) in the Q1 of 2023, according to European Commissioner for Economy Paolo Gentiloni.

According to the European Commission's forecast, China will become the fastest-growing economy among the world's major economies, with GDP growth of 5.5% in 2023 and 4.7% in 2024.

At the same time, 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.

Meanwhile, Russia’s GDP contraction will equal 0.9% this year, whereas in 2024 the country’s GDP growth will amount to 1.3%, the European Commission said. In the document released last fall the EC projected Russian GDP contraction of 3.2% in 2023 and 0.9% GDP growth in 2024.

Inflation in Russia is projected at 6.4% in 2023 and 4.6% in 2024. Unemployment is expected to reach 3.7% this year and 4% next year, down from 4.5% and 4.6%, respectively, projected earlier.

The outlook for world Brent crude oil prices in 2023 has been raised to $76.3 per barrel, compared with the projection of $63.9 per barrel made last fall, before the introduction of the price cap on Russian oil. The EC's Brent oil price forecast for 2024 is $72.1 per barrel, up from $61.6 per barrel previously.

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