Europe and China face lower economic growth, and other economics stories to read this week

Top economics news: Europe and China face lower growth | World ...  World Economic Forum

Europe and China face lower economic growth, and other economics stories to read this week

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 Economic Forecasts Summer 2023

Europe is facing lower growth than previously expected in 2023 and 2024.

SDGs, Targets, and Indicators

SDGs, Targets and Indicators

  1. 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
  2. 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
  3. 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
  4. 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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