From the point of view of the European Community, the modest growth rates of the world economy recorded in 1990 and 1991 are going to pick up. However, the recovery will be moderate, according to its forecasts, and the growth of employment in the European Union is, therefore, expected to fall. According to the Commission, the implementation of adequate economic policies is the key to a gradual recovery. Moreover, European Monetary Union will have the effect of amplifying the economic advantages resulting from the achievement of the Single European Market.

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                                        1990     1991     1992     1993
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GDP growth rate.........................3.7      2.5      3        3.2

Private consumption deflator............6.4      5.8      5.5      5.2

External deficit as a percentage of
GDP....................................-3.5     -3.1     -3.2     -3.2

Unemployment rate as a percentage of
active population......................16.1     15.8     15.5     15.2

Public debt as a percentage of GDP.....-4.0     -3.9     -3.5     -3.2

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