Eurozone 2022 themes: Now for the hard part

The eurozone pushed on with a strong recovery in 2021, but in many ways that’s been the easy part. With reopening tailwinds mostly exhausted, the bloc will face different challenges in 2022.

What you will learn:

• We still expect another year of robust growth – close to 4% – but the recovery is likely to be choppy due to resurgent Covid risks, supply chains problems, and surging energy prices.
• Our expectation of strong growth continues to rest on consumer spending as we transition from public- to private-led demand growth.
• Supply chain issues are still a constraint for now, but we expect bottlenecks to recede next year.