The European economy is set to grow significantly in the coming years

The European economy is set to grow significantly in the coming years, despite several obstacles. This follows the autumn forecasts published by the European Commission on Thursday. It currently assumes that the growth of the gross domestic product of the European Union (EU) should reach 5 percent, 4.3 percent and 2.5 percent in the years 2021 to 2023. A similar growth rate is expected in the euro area countries, with a slower pace in 2023 - at 2.4 percent. According to the commission, the EU economy is recovering from the recession caused by the pandemic faster than expected. As vaccination campaigns progressed and restrictions began to be phased out, economic growth resumed in the spring and continued at a steady pace throughout the summer. According to the European Commission, the outlook for economic growth depends to a large extent on two factors - the evolution of the COVID-19 pandemic and the pace at which production and supply adapt to the rapid increase in demand following the reopening of the economy. The EU's growth rate in the second quarter of 2021 was almost 14 percent in annual terms. The European economy reached production levels before the outbreak of the pandemic in the third quarter and moved from recovery to growth. According to the European Commission, this growth should continue to drive domestic demand. Improving labor market conditions and the projected decline in savings should contribute to sustained growth in consumer spending.