EU raises forecasts for Eurozone growth

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(VOVWORLD) - The Eurozone economy is expected to grow at a faster pace this year than previously thought, avoiding a much-dreaded recession, as inflation eases and gas prices continue their steep drop, paving the way for a better-than-expected economic performance, the European Commission said in its forecast released on Monday.

The report said positive economic signals have helped the Eurozone overcome a stressful period caused by the impact of the Russia-Ukraine conflict. It said the gross domestic product of the eurozone is expected to grow 0.9% in 2023, faster than the 0.3% growth anticipated last November.

Eurozone consumer inflation, which hit a record high of 10.6% last October, will slow to 5.6% this year.