welcome. let me start with the situation welcome. let me start with the situation as we see it on the outlook situation as we see it on the outlook for the economy. the outlook for growth outlook for the economy. the outlook for growth and unemployment has improved~ for growth and unemployment has improved. six months ago we expected a shallow improved. six months ago we expected a shallow but long recession. since then energy prices have fallen substantially and economic activity is holding substantially and economic activity is holding up better than expected. so today is holding up better than expected. so today we forecast modest but not positive so today we forecast modest but not positive growth and a much smaller increase positive growth and a much smaller increase in positive growth and a much smaller increase in unemployment. we think inflation increase in unemployment. we think inflation will fall quite sharply over inflation will fall quite shar
expected projections. the growth is expected this year and three quarters expected this year and three quarters of a percent in 2024 and 2025 quarters of a percent in 2024 and 2025. consumer confidence is at its highest 2025. consumer confidence is at its highest level for a year. households in march highest level for a year. households in march were more optimistic about the generat in march were more optimistic about the general economic situation than in the the general economic situation than in the previous survey last september. our network of agents is reported september. our network of agents is reported activity has been stronger recently reported activity has been stronger recently than contacts previously expected. above all, the improvement and outlook expected. above all, the improvement and outlook reflects a further fall in wholesale gas prices reversing some in wholesale gas prices reversing some of in wholesale gas prices reversing some of the te