European Commission improves forecast for global GDP growth this year

The European Commission has improved expectations for global GDP growth in 2021 to 5.7% from 5.6% in May, Report informs.

According to the published forecasts, next year the growth is expected at the level of 4.5%, and in 2023 at 3.5%.

Growth forecast for advanced economies remains at 5.4% this year, reflecting renewed service sector activity and sustained support. In 2022, GDP growth in developed economies will slow down to 3.9%, and in 2023 to 2.4%.

The EC believes that global production will return to pre-pandemic levels this year due to recovery in the US and China.

The European Commission improved its estimate of the growth of the eurozone economy for 2021 to 5%, but downgraded it for the next year, to 4.3% compared to the previous forecast. This is while in 2023, the eurozone’s annual GDP growth rate will drop to 2.4%.

According to the dynamics of US GDP for the current year, it is expected to grow by 5.8% against 6.3% in May, and by 4.5% from 3.8% in 2022. An increase of 2.4% is expected in 2023.

China’s GDP growth is expected at the level of 7.9%, and in 2022 and 2023 at 5.3%.