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Lagarde: Factors Supporting Econ Activity Expected To Strengthen

ECB

Pres Lagarde presents a mixed outlook of economic activity in her opening press conference comments, though underlines that improvement is expected in coming months:

  • In the near term activity will be dampened by high energy costs, deterioration in terms of trade, uncertainty and the negative hit to disposable income.
  • Supply bottlenecks have worsened. As a result, firms face higher costs and disruptions, and the outlook for future output has deteriorated.
  • However, factors supporting economic activity are expected to strengthen in the coming months. A strong labour market and re-opening of sectors will support income and consumption. Savings accumulated during the pandemic is a buffer.

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