Global Affairs

The risks along Europe's road to recovery

Siren calls of debt cancellation and protectionist state intervention are being made

EU states like Greece, Spain and Portugal, where a larger chunk of the national economy depends on tourism spending, will not return to pre-crisis growth levels until the end of next year.PHOTO: REUTERS

A flickering light at the end of the long, dark tunnel? After suffering the deepest economic decline since World War II because of the pandemic, the latest forecasts just released by the European Commission, the European Union's executive body, predict a solid rebound for the "old continent".

Germany, the EU's biggest economy, is predicted to enjoy 3.2 per cent economic growth this year, largely offsetting the 5 per cent decline of last year. And France may expect growth of 5.5 per cent by the end of this year, an unprecedented figure for a mature, developed economy.

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