EU says its economy set to avoid recession, but headwinds persist

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The European Union lifted the growth outlook for 2023 to 0.8 percent in the EU and 0.9 percent in the euro area, the agency said in its Winter 2023 Economic Forecast on Monday.

Both areas are now set to narrowly avoid the technical recession that was anticipated for the turn of the year, the statement said, adding the forecast also slightly lowered the projections for inflation for both 2023 and 2024.