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Spain and France are expected to see growth above 5% in 2021, leading the recovery for the bloc as German GDP expands by about 3.5%, the European Commission said in its spring forecasts.
Inflation is seen rising, but at no point in the forecast horizon does it exceed the European Central Bank's target of 'below, but close to 2%.' Eurozone CPI is expected to be 1.7% in 2021, up from a winter forecast of 1.3%, with 2022 now seen at 1.3%, down from 1.5%. The scale of the ECB's upcoming communications challenge was underlined by a forecast for German inflation at 2.4% in 2021.
"While we are not yet out of the woods, Europe's economic prospects are looking a lot brighter. As vaccination rates rise, restrictions ease and people's lives slowly return to normal, we have upgraded forecasts," Valdis Dombrovskis, Commission Executive Vice-President said.
Source: European Commission