(ANSA) - BELGRADE, DEC 2 - "In the baseline scenario, we remain cautiously optimistic that the combination of low interest rates, inflation, and unemployment, as well as increased fiscal stimulus in Germany, will restore EU growth to around 1.4% by 2027." S&P Global Ratings' report on the European economy predicts that "modest earnings growth, overall strong private sector balance sheets, and favourable financing conditions support a resilient outlook for most sectors." "On the risk side, the report states that "concerns remain regarding US trade policy and global political tensions, which highlight the vulnerabilities of European democracies, supply chains, and the ability to stabilise public debt." (ANSA).