The European Union has significantly reduced its growth forecast for the eurozone in 2024, reflecting a challenging start to the year. The European Commission now projects the single-currency economic area to grow by 0.8 percent in 2024, a downward revision from the previous estimate of 1.2 percent.
\"After narrowly avoiding a technical recession in the second half of last year, prospects for the EU economy in the first quarter of 2024 remain weak,\" the commission stated. This cautious outlook highlights the ongoing economic uncertainties facing the region.
Despite the lowered forecast, the European Commission remains optimistic, expecting economic activity to accelerate gradually as the year progresses. Policymakers are closely monitoring key indicators to navigate the eurozone through these turbulent times.
Reference(s):
cgtn.com
