ECB Lowers Eurozone’s 2022 GDP Projection to 4.2%, Doubles Inflation Forecast

© THOMAS LOHNESThe European Central Bank (ECB) building is seen in Frankfurt am Main, western Germany, on December 16, 2021.
The European Central Bank (ECB) building is seen in Frankfurt am Main, western Germany, on December 16, 2021.  - Sputnik International, 1920, 16.12.2021
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MOSCOW (Sputnik) - The European Central Bank (ECB) has lowered the eurozone's GDP projection for 2022 to 4.2% and raised the projection for 2023 to 2.9%, while significantly raising inflation projections compared to September forecasts, ECB President Christine Lagarde said on Thursday.
"Our eurosystem [and ECB] staff projections for the annual real GDP growth at 5,1% in 2021, 4,2% in 2022, 2,9% in 2023 and 1,6% in 2024, compared with our September staff projection the outlook has been revised down for 2022 and up for 2023," Lagarde told a press conference.
The ECB president also said that the re-introduced containment measures of some EU countries could delay the recovery, especially in travel, tourism, hospitality and entertainment.
"Our new staff projections foresee annual inflation at 2,6% in 2021 , 3,2% in 2022, 1,8% in 2023 and 1,8% in 2024, significantly higher than in the previous projections in September," Lagarde added.
In the previous September forecast, the regulator expected inflation at 2.2% in 2021, 1.7% in 2022, and 1.5% in 2023.
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