Brussels Economic Forum 2023: Where does Europe stand, and where is it headed?

With war raging in Ukraine, the effects of climate change tightening their grip, a scarcity of resources, and global competition to acquire them, Europe is facing a multitude of challenges.

But in its latest economic forecast, the European Commission predicts a continuous slowdown of the EU’s inflation rate, from 9.2% in 2022 to 6.4% this year and 2.8% next year.

And, after falling from 3.5% in 2022 to 0.8% this year, GDP growth in the EU should pick up steam again and reach 1.6% in 2024.

Speaking to Euronews at the Brussels Economic Forum (BEF), the European Commission's flagship annual economic event, the EU's Commissioner for the Economy told Euronews that these figures generate a sense of cautious optimism.

[The situation is] better than expected," Paolo Gentiloni told Euronews. "If we look back to a few months ago, we were estimating a much worse situation [where] we had some concerns on energy supply, even thinking [about] possible blackouts. And a lot of concern [about] the possibility of a recession, and bankruptcies."

The BEF coincided with the European Central Bank’s decision to raise again its key interest rates, in a bid to curb inflation. Commissioner Gentiloni said he was not worried about the potential impact on growth.

However, another recent development could be a matter of concern for jobs in the EU and even trigger new legislation: Artificial intelligence.

"We need a set of rules. And we European Union, we are [the] master of rules. So I'm quite confident that we will have good rules also on artificial intelligence," Gentiloni added.

Digitalisation, along with the dire consequences of the climate crisis are two of the main drivers pushing Europe’s economic transition. For Member states, this means greater