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European Commission cuts 2016 growth forecast for eurozone

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/11/2015 (15:49)
According to media reports, the European Commission (EC) lowered its 2016 growth forecasts for the eurozone, claiming that challenges in the global economy have intensified while the momentum stemming from lower crude prices and a weaker euro is beginning to fade. According to the EC, the eurozone’s gross domestic product (GDP) will grow 1.8% next year, slower than their previous growth estimate of 1.9% in May. The EC expects to see 1% inflation in the eurozone in 2016.

The ECB also reported that economic deceleration in most emerging countries is weighing on global trade, which may cause the region’s economic growth to slow to a level at which a decline in unemployment cannot be sustained.

For 2015, however, the commission raised its growth forecast to1.6 % from its previous projection of 1.5%. According to the EC, growth in the eurozone economy will accelerate to 1.9% in 2017.
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