European Commission says economic growth is expected to come to a virtual stand-still in both the EU and the Eurozone in 2009
Nov 3rd, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The European Commission today published its autumn economic forecasts, updating the outlook for the period 2008-2010 for the EU and Eurozone. It says the economy is expected to come to a virtual stand-still in both the EU and the Eurozone in 2009. This forms a significant downward revision compared with the Commission´s spring forecast. This downturn will, on the other hand, help ease inflationary pressures as oil prices come down and the risks of second-round effects diminish. But both labour markets and public finances are set to deteriorate. This forecast is surrounded by considerable uncertainty at the current juncture and downside risks prevail.