We are cutting our 2021 Eurozone GDP forecast to 4.3% from 5.0% (consensus 4.3%)
while maintaining our 2022 forecast of 5.3% (consensus 4.2%). Longer and/or tighter
lockdowns warrant a more cautious outlook for Q1 and Q2 2021, which somewhat
stronger growth in Q3 and Q4 will, in our view, not be able to compensate for – hence
the lower annual forecast. We expect mobility restrictions to be eased markedly as of
May, and more substantially during H2 2021, so economic activity should face far fewer
obstacles over the second half of 2021.