According to IMF: Eurozone economy is recovering faster than expected

The euro area economy is recovering faster than expected six months ago. This is mainly thanks to the vaccination campaign, which has allowed large sectors of the economy to reopen. This was stated on Thursday by the President of the European Central Bank (ECB) Christine Lagarde.

The bank has therefore already revised its forecast for the region and also expects the combined gross domestic product (GDP) of the 19 countries that have adopted the common currency to return to its pre-crisis level by the end of this year.

In its latest forecast, the ECB predicts the euro region’s GDP will grow by 5% this year and 4.6% next year, with its economic performance expected to return to pre-COVID-19 pandemic levels by the end of this year. The previous forecast envisaged a return to pre-crisis levels by early 2022 at best.

Written by Paula Antle