Moody's Investors Service projects a rebound in real GDP growth to 4.6% in 2021, following an expected steep contraction of 7.7% in 2020, supported by base effects, continued expansionary fiscal and monetary policy resulting in low interest rates, and good access to credit for both households and companies, APA-Economics reports citing Moody's.
Moody's states that consumer spending is likely to increase as households release the savings accumulated during the lockdown periods, but performances will vary across the region and much will depend on pandemic developments, including the availability and distribution of vaccines.
According to Moody's, in the euro area, only Lithuania will reach its pre-crisis output level by the end of 2021, whereas the other large economies – Germany, France, Italy and Spain – will take until at least 2022.
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