The medium-term outlook for economic growth in the euro area and globally is solid, if unspectacular, which will be positive for CESEE economies. Growth in the US is slowing, but has proven to be more resilient than expected, while the Chinese economy will have a much better 2023 on the back of post-COVID reopening. Euro area inflation will stay high this year by historical standards, but is well past its peak, and European Central Bank (ECB) interest rates will end 2023 only moderately higher than the current levels, indicating limited additional monetary tightening. The euro area economy will only see very moderate growth this year, but the outlook has improved since our last forecast, and the single-currency area has shown an impressive degree of resilience to the fallout from the Russian invasion of Ukraine.
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