France is the Cote d’Azur.
Frédéric Soltan | Corbis News | Getty Images
LONDON – The European economy seems to be shining a little brighter this year.
The European Commission on Wednesday issued a more optimistic assessment of the 27 economies’ performance this year. She referred to an improved vaccination campaign and the expectation that the EU-wide fiscal stimulus will kick in in the second half of 2021.
The Brussels-based institution now envisages a gross domestic product rate of 4.2% for the EU in 2021 and 4.4% for the next year. In February, GDP is forecast to be 3.7% this year and 3.9% in 2022.
The outlook for the 19 countries that share the euro has also improved. The growth is now estimated at 4.3% this year, instead of the 3.8% forecast in February. The European Central Bank said in March that euro area GDP would reach 4% this year.
“The shadow of Covid-19 is beginning to stand out in the European economy,” said Economic Commissioner Paolo Gentiloni in a statement, adding that “the unprecedented tax support is essential to support European workers and businesses was and remains “.
“And of course, maintaining the current high vaccination rate in the EU will be vital – for the health of our citizens and our economies,” said Gentiloni.
The latest projections come at an important time for many EU countries as they announce or in some cases implement a lifting of the Covid-19 restrictions.
Greece welcomes tourists from Friday. Belgium announced on Tuesday that it intends to lift almost all restrictions on June 9th. The land border between Portugal and Spain has also been reopened.
These are just a few examples of how economies open up ahead of the summer season, when many tourism-dependent nations hope to attract more foreign visitors than last year.
People walking on the beach on the first day after the state of emergency was lifted.
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