If figures that are emerging from the European Union are to be believed then in the first quarter of 2022 this is exactly the right time to expand into Europe. Covid has been a factor in slow growth in the last year or two but the European Union’s Winter 2022 economic forecast looks set for a growth in the European Economy in Spring 2022 and “remain robust until 2023”.
According to Voxeu.org, following a strong rebound in 2021, growth in the EU is now forecast at 4.0% in 2022 (down from 4.3% in the Autumn Forecast) and 2.8% in 2023. The euro area inflation forecast for 2022 is revised up on the expectation that energy prices will stay high for longer. Inflation is expected to return to just below 2% in 2023.
Key figures from the Winter 2022 Forecast
This could be a good time for expanding your business into Europe as GDP in the European Union is expected to reach 16200.00 USD Billion by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the European Union GDP is projected to trend around 16800.00 USD Billion in 2023 and 17500.00 USD Billion in 2024, according to its econometrics. This means that available spending on goods and services is phenomenal and represents a great opportunity.
Let’s look at some of the countries within the European Union that are doing better than others in 2022.
Italy’s GDP was expected to bounce back 6.5% this year but the EU has revised this down to 4.1% – still represents a healthy increase in growth just above the average economic forecast for the European Union in total. The political outlook at present seems stable with Sergio Mattarella being elected as President for a second term. Covid has increase e-commerce in Italy as well as opportunities to set up recruitment businesses specifically in health care and IT.
France and Poland also look decent despite uncertainty caused by the war in Ukraine. Unemployment has fallen to a 13 year low in France to 7.4% which is a boost to Emanuel Macron as he enters the final part of the race for re-election. Poland’s unemployment rate is around 5.5% which has significantly reduced since the previous year.
These three countries are a few of those countries including the United Kingdom predicted to grow in GDP this year according to statista.com.
Despite the threats to stability in the European economy there are still plenty of avenues to explore to expand your business in Europe. IT and Healthcare staffing agencies as well as E-commerce and selling international products into the Italian, French and Polish market places as well as United Kingdom and other countries within the European Continent.