The World Bank improved its forecast for the 2021 eurozone GDP growth to 4.2 percent, from 3.6 percent in its January report.

The World Bank also upgraded the 2022 euro area GDP growth forecast to 4.4 percent, up from 4 percent earlier. It now assesses the 2020 eurozone GDP decline at 6.6 percent, from 7.4 percent in January.

“The euro area is set to experience a strong recovery in the second half of 2021, alongside the expected acceleration of vaccinations and a relaxation of pandemic restrictions,” the World Bank said in its fresh report on global economic prospects.

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