Press Release: Economic forecasts for the Candidate Countries (2001-2003) Autumn 2001

The European Commission's autumn 2001 economic forecast for the candidate countries published on 21 November 2001 suggests the international economic environment has considerably deteriorated since the finalisation of Spring 2001 forecast. GDP growth in the candidate countries has been revised downwards noticeably in 2001 and 2002, albeit less than for the Member States. In 2003, when external conditions become more favourable again, a return to higher growth is expected. Due to more favourable external factors, inflation should decline from the higher levels experienced in 2000. Unemployment is increasing again in 2001 and is not expected to decline over the forecasting period, as a result of the continued need for enterprise restructuring and the weaker economic growth. Aggregate external deficits are expected to remain approximately at their current level. General government deficits are widening as the combined result of lower growth, counter-cyclical fiscal policies in some countries, and high transition-related expenditures.

• Primary Source

http://ec.europa.eu/comm/economy_finance/publications/european_economy/2001/c2001_04_en.pdf http://ec.europa.eu/comm/economy_finance/publications/european_economy/2001/c2001_04_en.pdf

---