Economics
EU Says Economic Recovery Delayed With Vaccine Rollout Crucial
- Euro-area GDP growth forecast for 2021 cut to 3.8% from 4.2%
- Pre-crisis output may be reached in mid-2022, but not for all
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The European economy will recover more slowly this year as the coronavirus keeps a tight grip on the region, with the outlook resting largely on a vaccination campaign that has so far stumbled.
The European Commission cut its forecast for euro-area growth this year to 3.8% from 4.2%, and said its predictions “crucially” hinge on virus containment measures starting to be eased toward the end of the second quarter. They should be largely phased out by the end of the year.