Recently, the European Commission released its autumn economic outlook report for 2023, which once again lowered the economic growth expectations for the EU and the eurozone for this year and the next years.

In more than two months, the European Commission has lowered its forecast for European economic growth for the second time.

In addition, according to data released by the UK Office for National Statistics recently, the UK's GDP in the third quarter was initially 0% month on month, which means that the UK's GDP in the third quarter has stagnated.

It is expected that the EU economy will grow by 1.3% and the eurozone by 1.2% in 2024, both 0.1 percentage points lower than previously expected.

At the same time, according to data released by the Eurostat, the inflation rate in the eurozone in October was 2.9% at an annual rate, 

dropping to a low point in more than two years, but still higher than the European Central Bank's inflation control target.

The IMF also predicts that the average inflation rate of developed economies in the European region will be around 5.6% in 2023, while that of emerging economies will be 11.7%.

The core inflation rate is expected to be higher than the European Central Bank's target level by the end of 2024.

Germany accounts for 3.8%, Spain for 3.5%, and Italy for 1.9%.

For example, the French National Institute of Statistics and Economics recently released data showing that its inflation rate dropped from 4.9% in September to 4% in October, but still far above the eurozone average.

Against the backdrop of high inflation, the European Central Bank has had to continue raising interest rates, but high interest rates have further inhibitory effects on the economy. In the process of curbing inflation, the European economy is also plagued by the danger of economic recession.

Many analysts have made pessimistic judgments about this, even believing that the eurozone economy will fall into negative growth in 2023.

It is worth mentioning that the European Commission believes that Greece can achieve a GDP growth rate of 2.4% by 2023, becoming one of the EU countries with the highest economic growth rate.

Meanwhile, it is predicted that Greece's GDP will grow by 2.3% in 2024; In 2025, the expected GDP growth rate is 2.2%.

The sluggish economic growth in the UK is a long-term problem. Due to the lack of resilience and motivation in the UK's own economic growth.

Since the Brexit of the UK, trade between the UK and Europe has declined, causing instability in the external market. At the same time, there is insufficient exploration in emerging markets and a lack of new momentum.

The dual pressure from both internal and external sources has had a negative impact on the UK economy. In addition, the Bank of England predicts a 50% chance of a recession in the UK economy in 2024.

Recently, the UK government announced a £ 4.5 billion funding for the manufacturing industry, increasing investment in eight industries in the UK. The UK Treasury has stated that the funds will be provided for five years starting from 2025, providing long-term certainty for industry investments.

Among them, over 2 billion pounds (approximately 2.49 billion US dollars) will be used for the automotive industry, 975 million pounds (approximately 1.22 billion US dollars) for aerospace, supporting the manufacturing, supply chain, and development of zero emission vehicles, as well as investment in energy-saving and zero carbon aircraft equipment.

The government has also committed £ 960 million (approximately $1.2 billion) to the clean energy manufacturing industry and £ 520 million (approximately $650 million) to the life science manufacturing industry to enhance its ability to respond to future health emergencies.

In response, British Chancellor of the Exchequer Hunter stated that this investment will support the UK's cutting-edge manufacturing sector, promote economic development, and create more, higher paying job opportunities.