IMF calls on EU to deepen single market integration to boost growth
==========
International Monetary Fund European director Alfred Kammer said deepening integration of the EU's single market could help close the income gap with the United States. The IMF expects European growth to pick up slightly this year to 1.6 percent, increasing to 2.0 percent next year. The IMF estimates that cutting internal barriers within the EU's single market by 10 percent would lead to a seven percent rise in growth inside the EU. Kammer said that Europe must do more to boost flagging productivity and growth levels. The IMF report also suggests increasing digitalization and enacting structural reforms to boost productivity levels. The IMF report said European countries were on track for a so-called 'soft landing,' with inflation expected to continue falling from recent highs to 2.4 percent this year and 2.1 percent in 2025. The IMF recommends that Europe's advanced economies with high debt levels should 'frontload fiscal consolidation' to rebuild fiscal buffers depleted by government spending during the pandemic. The IMF estimates Europe's advanced economies will face a rise in spending pressures of 5.5 percent of GDP, on average, by 2050.
#Imf #Eu #SingleMarketIntegration #EconomicGrowth #ProductivityLevels
https://www.tuko.co.ke/business-economy/545549-imf-calls-eu-deepen-single-market-integration-boost-growth/
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2024-04-19 22:34:30
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2024-04-19 22:34:30Event JSON
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"content": "IMF calls on EU to deepen single market integration to boost growth\n==========\n\nInternational Monetary Fund European director Alfred Kammer said deepening integration of the EU's single market could help close the income gap with the United States. The IMF expects European growth to pick up slightly this year to 1.6 percent, increasing to 2.0 percent next year. The IMF estimates that cutting internal barriers within the EU's single market by 10 percent would lead to a seven percent rise in growth inside the EU. Kammer said that Europe must do more to boost flagging productivity and growth levels. The IMF report also suggests increasing digitalization and enacting structural reforms to boost productivity levels. The IMF report said European countries were on track for a so-called 'soft landing,' with inflation expected to continue falling from recent highs to 2.4 percent this year and 2.1 percent in 2025. The IMF recommends that Europe's advanced economies with high debt levels should 'frontload fiscal consolidation' to rebuild fiscal buffers depleted by government spending during the pandemic. The IMF estimates Europe's advanced economies will face a rise in spending pressures of 5.5 percent of GDP, on average, by 2050.\n\n#Imf #Eu #SingleMarketIntegration #EconomicGrowth #ProductivityLevels\n\nhttps://www.tuko.co.ke/business-economy/545549-imf-calls-eu-deepen-single-market-integration-boost-growth/",
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