The European Union’s GDP should return to its pre-pandemic level by 2022 if the bloc’s members and institutions avoid “premature withdrawal of supportive policies”, EU Economy Commissioner Paolo Gentiloni told a news conference on Thursday (February 11).
The Commission forecast economic growth in the 27-member bloc would be 3.7% this year and 3.9% in 2022, rallying from a 6.3% drop in 2020.
Speaking of ‘light at the end of the famous tunnel’, former Italian prime minister Gentiloni said the EU executive based its predictions on the assumption that larger numbers of people would be vaccinated and that restrictions would gradually be relaxed.
But he Gentiloni warned about the possibility of more bankruptcies and higher unemployment.
The Italian commissioner called for EU members institutions to maintain accommodating fiscal measures.