The European Commission said Wednesday that successful vaccination drives and government stimulus will allow the eurozone economy to make up the ground lost because of the pandemic by the end of the year, instead of early next year as previously forecast. The commission, the European Union’s administrative arm, said in its official summer forecast that the 19 countries in the eurozone will grow 4.8 percent in 2021, half a percentage point more than previously forecast. The European Union, which includes the eurozone plus eight additional countries, will also grow 4.8 percent this year, compared with an earlier forecast of 4.2 percent, the commission said. “The European economy is making a strong comeback with all the right pieces falling into place,” Valdis Dombrovskis, executive vice president of the commission, said in a statement.

Source: New York Times July 07, 2021 10:41 UTC