Autumn Economic Forecast 2014: Europe’s recovery still lags behind
Published:
The European Commission's autumn economic forecast was published on 4 November 2014. They project a very weak economic growth for the rest of the year and foresee a gradual strengthening of the economic activity in 2015. Indeed, the EU's recovery still lags behind. GDP growth in the EU is set to be very modest, while in the euro area it will almost stagnate. This is in contradiction with the expectations raised by the previous economic forecast in spring 2014, which projected a broad and self-sustaining economic recovery across Europe.
GDP growth forecasts have been revised down due to the still persistent effects of the economic crisis, entailing an unacceptable high level of structural unemployment and low investments. According to the European Commission's economic forecast, with respect to education, Luxemburg has introduced an education contribution based on personal income which will contribute to 0.3% of GDP, while the claim for Macedonia is that the lack of structural reforms in the education sector impedes job creation.