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EU's unprecedented recovery fund has spurred growth


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Great news that our closest neighbour and most significant trading partner is powering ahead, the UK is bound to pick up some benefits.

Officially known as the Recovery and Resilience Facility (RRF), the 723 billion euro ($780.84 billion) fund, launched in 2021 for a six-year period has so far disbursed 225 billion euros.

The Commission said EU GDP was 0.4% higher in 2022, when it grew 3.4%, than it would have been without the scheme and that by the end of 2026, when the scheme ends, it will have boosted EU GDP by 1.4%.

The spending from the recovery fund also reduced the EU's unemployment rate by 0.2 percentage points, the Commission said.

"Three years into its existence, (it) continues to support our economic recovery and drives positive change across the EU. We have seen funding for energy efficiency, renewable energy and digitalisation projects like never before," EU Commission head Ursula von der Leyen said in a statement.

EU's unprecedented recovery fund has spurred growth (msn.com)

Edited by pellinore
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