BusinessEurope Director General Markus J. Beyrer, upon the release of BusinessEurope’s Economic Outlook, expressed concerns about the current state of the European economy. Beyrer noted, "The European economy continued to grow even more sluggishly in the first half of 2023 as businesses were faced with the impact of higher interest rates, a slowing global economy, and increasing long-term competitiveness challenges." He highlighted that factors such as higher interest rates and increased credit standards have hindered investment and consumer spending, leading to a more pessimistic business climate within the industry.
According to BusinessEurope's findings, 75% of its member federations are more pessimistic about the current business climate compared to six months ago. Beyrer emphasized that Europe is falling behind other continents due to the regulatory burden and high energy prices persisting in the region. He called for action from European institutions to fulfill their promises, especially in reducing reporting requirements by 25% before the upcoming European elections.
Key projections from BusinessEurope’s Economic Outlook include a forecast of 0.7% growth in the EU for 2023, aligning with the organization's previous Summer Economic Outlook. The report anticipates a moderate recovery in economic growth in 2024, with EU growth expected to reach 1.4%, driven by potential increases in household spending and international trade activity.
The full Autumn 2023 Economic Outlook report by BusinessEurope can be accessed for further insights into the economic forecast and analysis.