In the previous report, published in December, the OECD foresaw growth of 3.6 percent and 3.3 percent for 2021 and 2022, respectively.
"As the pandemic measures are gradually suspended, economic growth is expected to recover strongly in the second half of this year", said the Organization for Economic Cooperation and Development (OECD).
According to the international organization, the eurozone's economy is expected to grow 4.3 percent in 2021 and 4.4 percent in 2022 "boosted private consumption, supports and external demand, particularly from the United States".
"Unemployment is expected to decline close to pre-crisis levels by 2022", further indicates an OECD, stating that "a quick and effective implementation of the European Union's recovery plan would further strengthen the recovery".
“The increase in public investment is fundamental”, said an OECD, related that for the post-crisis period, “a euro area also needs a new monetary policy strategy, with an equally strong policy reaction when information is above and below the target of the ECB”.
The OECD also predicts that an unemployment rate in the euro area will be 8.2 percent in 2021 (against 7.9 percent in 2020) and 7.9 percent in 2022.