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Eurogroup forecasts the economic slowdown in the EU in 2020

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Eurogroup forecasts the economic slowdown in the EU in 2020
February 18
13:00 2020

At the beginning of the week, the European Commission presented its forecast for the economy of the Eurozone. It says that indicators will continue to grow, but the rate will seriously slow down due to various risks.

“Some risks associated, for example, with Brexit and the trade war between the US and China have declined. However, the outbreak of pneumonia has become a new problem for the global economy. The situation should be closely monitored.”, said Mario Centeno, president of the Eurogroup.

Economics and finance ministers of the EU countries have already agreed that they will coordinate the political measures needed to respond to the slowdown in the economic growth. Five top priorities for the current year were also agreed. It is about intensification of the monetary and economic union, financial stability, public investment and social integration.

These recommendations should be adopted by the Economic and Financial Affairs Council.

Also, they discussed the issue of lowering the tax burden on labor. Ministers believe that some of these taxes can be transferred to other forms, for example, environmental taxation.

Mario Centeno notes that in recent years the EU has aimed at lowering the labor tax, but it still remains one of the largest in the world. “This is an important issue that can influence the stimulation of the labor market. This directly affects the areas where workers with low wages are employed. A tax review will also be beneficial for achieving climate and environmental goals,” explains the Chairman.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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