• 2023 economic growth forecast lowered to 0.6% from 0.8% previously
• 2024 economic growth forecast seen at 1.2%, then 1.6% in 2025
• 2023 inflation forecast seen at 5.6%, then 3.2% in 2024, then 2.2% in 2025
• High inflation, interest rates, and weaker external demand took a heavier toll on growth than anticipated

The Commission said that while the economy is to grow more slowly this year, a technical recession should be avoided. Adding that „economic activity is expected to gradually pick up as consumption recovers on the back of a steadily robust labour market, sustained wage growth and continued easing of inflation“.

This article was written by Justin Low at www.forexlive.com.