ESRI Survey and Statistical Report Series

Economic Assessment of the Euro Area, Winter 2020/2021

This report has been peer reviewed prior to publication. The authors are solely responsible for the content and the views expressed.

February 12, 2021
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Against the backdrop of European economies being in partial lockdown again due to the Covid-19 pandemic, this Euroframe Report presents an assessment of the economic outlook for 2021 and 2022 focused on the euro area based on a synopsis of the forecasts of Euroframe institutes. Overall, EUROFRAME institutes expect that the currently still depressed activity will progressively recover in the course of this year and next, supported by the rollout of vaccines that has finally started. On average, is expected to rise by 4.9 per cent in 2021 and 3.1 per cent in 2021, following a dramatic fall of output by 7.4 per cent last year.  The focus section of the report provides a review of labour market developments and labour market policy reactions to the crisis in the host countries of the EUROFRAME institutes.