The European Commission cut its 2023 and 2024 eurozone economic growth forecasts on Monday, with the single currency area weighed down by Germany's poor performance. The single currency area made up of 20 countries will grow by 1.3 percent in 2024, the commission said, down from a previous forecast of 1.6 percent.
Europe will also not be able to"count on strong support" from exports amid weak global growth and demand.Gentiloni, however, sounded an optimistic note for improvement in Germany's economy.
But, he added,"the structural challenges on energy and other aspects are there. You don't solve this in a couple of weeks". "I don't think we can base our analysis on titles on the cover of newspapers," he said, adding:"Germany is a strong economy with the tools and possibility to recover."The commission also pointed to repeated interest rate hikes by the ECB, which meets Thursday, as having an impact on the economy.
The growth forecast for the 27-nation EU as a whole was also cut for 2023 to 0.8 percent, from an earlier prediction of around one percent.
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