Economists from the European Central Bank (ECB) assert that the eurozone has endured this year's energy crisis better than expected. Investment in artificial intelligence is among the factors explaining this.
According to vietnam.vn, economists from the European Central Bank (ECB) concluded on 21 October that the economy of the eurozone has weathered this year's energy crisis better than anticipated. The assessment was published on the ECB's official blog.
The ECB attributes this outcome to three factors: reduced dependence on fossil fuels, stronger fiscal support packages, and the surge in investment in artificial intelligence (AI), which has helped sustain growth. Despite the steep rise in oil and gas prices due to the conflict in Iran, business surveys indicate that the bloc's expansion remains robust.
According to economists, the eurozone's dependence on oil is now approximately half of what it was in the early 1990s, which limits the impact of rising energy prices. Furthermore, the growth of nuclear energy and renewables has weakened the relationship between gas prices and electricity costs in many countries.
AI-related trade has become a significant driver for the region, with export orders for technology and related industries performing exceptionally well. The fiscal stimulus package amounts to 0.5% of GDP, double what was expected at the end of last year, primarily due to German government spending on defense and infrastructure.
However, economists warn that most of these favourable factors are temporary. If global market demand weakens or geopolitical tensions escalate, the eurozone could be exposed to new disruptions in energy markets.
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