1. ECB raises rates to record level as Eurozone faces lower economic growth
Record-breaking interest rates have been put in place by the European Central Bank (ECB), as the European Commission says
Eurozone growth will be lower than previously expected this year following “subdued” economic activity in January-June.
The ECB has raised its key rate to 4% – its 10th raise in 14 months – in a move it hopes will make a “substantial contribution to the timely return of inflation to the target” of 2%.
Inflation was 5.3% in July, the European Commission says, but it sees it averaging 6.5% this year. And it has raised its 2024 forecast for inflation to 3.2%, from 3.1% earlier this year.
The Commission has also revised down its 2023 economic growth forecast for the Eurozone by 0.2 percentage points to 0.8%. And it has lowered its 2024 forecast by 0.3 points to 1.4%, saying that weaker growth momentum is expected to continue as tight monetary policy impacts economic activity.
Europe Economic Forecasts Summer 2023
Europe is facing lower growth than previously expected in 2023 and 2024.
SDGs, Targets, and Indicators
SDGs, Targets and Indicators
SDG 8: Decent Work and Economic Growth
Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7% GDP growth per annum in the least developed countries
Indicator 8.1.1: Annual growth rate of real GDP per capita
SDG 10: Reduced Inequalities
Target 10.1: By 2030, progressively achieve and sustain income growth of the bottom 40% of the population at a rate higher than the national average
Indicator 10.1.1: Growth rates of household expenditure or income per capita among the bottom 40% of the population and the total population
SDG 13: Climate Action
Target 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries
Indicator 13.1.1: Number of deaths, missing persons, and directly affected persons attributed to disasters per 100,000 population
SDG 16: Peace, Justice, and Strong Institutions
Target 16.1: Significantly reduce all forms of violence and related death rates everywhere
Indicator 16.1.1: Number of victims of intentional homicide per 100,000 population, by sex and age
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