European Union officials are forecasting an economic rebound within the bloc later, by mid-year, as long as there is progress in combatting the coronavirus pandemic.
In a quarterly report released Thursday, the EU expected growth to reach 3.7% this year and slightly better next year.
It cited economic slowdowns that began at the end of 2020 as countries reimposed lockdowns amid a new wave of COVID-19 infections.
“Economic growth is set to resume in the spring and gather momentum in the summer as vaccination programs progress and containment measures gradually ease,” the report said.
It noted a degree of uncertainty in the forecast, with persistent lockdowns or high unemployment carrying the potential to drag down growth, but also the potential for more rapid vaccinations that could prompt member economies to open up more quickly.
The report said the past few months have been “challenging,” but that there is “light at the end of the tunnel.”
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