EU and US economies to grow faster than expected, boosted by falling energy prices.

The European Commission has revised its growth forecast for the EU's 27 members to 1% in 2023, up from a previous estimate of 0.8%, and nudged its forecast for growth in 2024 to 1.7% from 1.6%. The eurozone's 20 members are expected to grow by 1.1% on average and 1.6% next year. Inflation remains higher than expected, with prices growth now expected to average 5.8% across the eurozone in 2023, and drop to 2.8% in 2024 due to "persisting core price pressures". The report said there was a risk inflation would persist, forcing the ECB to maintain high interest rates.