The European Commission has revised its growth forecasts for the eurozone, reducing 2023's expected growth from 1.3% to 0.9% due to uncertainties from Trump's tariff policies. The forecast for 2026 has also been downgraded from 1.6% to 1.4%. Economy Commissioner Valdis Dombrovskis highlighted significant risks stemming from these tariffs, despite a resilient European job market. Germany is identified as a major drag on future growth, largely due to a decline in exports and high energy costs associated with geopolitical tensions. The overall outlook remains cautious amid external pressures.
The economy commissioner, Valdis Dombrovskis, stated, 'the sharp slowdown in exports to China has hit exports,' outlining the direct impact of tariff uncertainty.
Dombrovskis mentioned, 'risks of a further deterioration in Europe were tilted to the downside,' reflecting the negative outlook created by ongoing tariff disputes.
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