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S&P Global Ratings downgraded its eurozone growth projection for 2024 on Monday, but it still doesn’t believe the single currency area will reach its full potential until 2025.

According to the most recent Economic Outlook Eurozone report, the gross domestic product (GDP) of the euro area is now predicted to reach 1 percent in 2024, down from the prior prediction of 1.4 percent.

According to Sylvain Broyer, chief economist for Europe, the Middle East, and Africa (EMEA) at S&P Global Ratings, “we see an elevated risk of a mild recession down the road.”

According to the research, core inflation is not anticipated to reach the goal rate of 2 percent until the third quarter of 2025 and the inflation rate as a whole until the first quarter of 2025.

The eurozone’s annual inflation rate declined marginally from January’s 8.6 percent to 8.5 percent in February, according to the most recent figures from Eurostat.

According to the report, the European Central Bank (ECB) would raise rates for longer than originally anticipated in order to control the ongoing inflation.

At its meeting in March, the ECB raised its policy rate by 50 basis points, driving borrowing costs to their highest level since 2008.

According to the research, “unless the market turmoil undermines the current outlook for growth and inflation,” the deposit facility rate is anticipated to reach 3.50 percent by the summer.

The future is uncertain but not hopeless, according to Broyer.

Government initiatives will support increased consumer spending by accelerating wage growth and deflation, and the full openness of China will enhance global demand.

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