Search Site

Trends banner

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

EU boosts 2023 growth outlook for region

The Parliament adopted the macro-financial assistance to Egypt with 452 votes in favor, 182 against and 40 abstentions. (AFP)
  • The EU executive's spring forecast is more optimistic than that issued late last year, despite inflation proving "stickier than expected".
  • Brussels also raised the 2024 growth forecast for the 20-country single currency zone by 0.1 points to 1.6 percent.

BRUSSELS, BELGIUM –  The European Commission boosted its 2023 economic growth outlook for the eurozone on Monday but it also raised the inflation forecast for the single currency area.

The EU executive’s spring forecast is more optimistic than that issued late last year, despite inflation proving “stickier than expected” in its decline from record levels.

The commission raised its growth outlook by 0.2 points to 1.1 percent.

“The European economy is in better shape than we projected last autumn,” the EU commissioner for the economy, Paolo Gentiloni, said in the statement.

“Thanks to determined efforts to strengthen our energy security, a remarkably resilient labor market and easing supply constraints, we avoided a winter recession and are set for moderate growth this year and next.”

Brussels also raised the 2024 growth forecast for the 20-country single currency zone by 0.1 points to 1.6 percent.

The growth forecast for the 27-nation EU as a whole was also raised for 2023, though it remains lower than the eurozone at around one percent.

The eurozone inflation forecast has also been revised higher, forecast to hit 5.8 percent in 2023 compared to 5.6 percent in the previous outlook.

Consumer prices are expected to drop back to 2.8 percent in 2024, still above the ECB’s two percent target.

“As inflation remains high, financing conditions are set to tighten further,” the statement warned.

“Though the ECB and other EU central banks are expected to be nearing the end of the interest rate hiking cycle, the recent turbulence in the financial sector is likely to add pressure to the cost and ease of accessing credit, slowing down investment growth and hitting in particular residential investment.”