The European Commission released its 2023 Autumn Economic Outlook Report on the 15th, lowering its economic growth forecast for the EU and the Eurozone this year and next.The report pointed out that under the influence of high living costs, weak external demand and monetary tightening, the European economy has lost growth momentum this year.The report predicts that the GDP growth rate of the EU and the Eurozone will both be 0.6% in 2023, which is 0.2 percentage points lower than the forecast value of the Summer Economic Outlook Report. It also predicts that the EU economy will grow by 1.3% and the Eurozone will grow by 1.2% in 2024, both of which are 0.2%. It was 0.1 percentage points lower than previously expected.In the 2023 Summer Economic Outlook Report released on September 11, the European Commission lowered the EU's 2023 economic growth forecast to 0.8% from the 1.0% predicted in the Spring Outlook Report, and lowered the Eurozone's 2023 economic growth forecast from 1.1% to 0.8%. 0.8%.The latest report pointed out that high inflation and tightening monetary policy, coupled with weak external demand, have had a greater impact on the economy than previously expected.The latest business indicators and survey data show that European economic activity will continue to slow in the fourth quarter of this year due to increasing uncertainty.Gentiloni, the European Commission Commissioner responsible for economic affairs, said that inflationary pressure, tight monetary policy, weak global demand and other factors have affected households and businesses.In addition, rising geopolitical tensions have further increased uncertainty and clouded the economic outlook.This year’s Fall Economic Outlook covers Bosnia and Herzegovina, Moldova and Ukraine for the first time.The three countries were granted EU candidate membership status by the European Council last year.
