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Europe Lowers Economic Outlook
The European Commission, which had predicted growth next year of 1% in the 17-country eurozone and 1.3% in the 27-country European Union, now expects expansion of only 0.1% and 0.4%, respectively.
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The European Commission, which had predicted growth next year of 1% in the 17-country eurozone and 1.3% in the 27-country European Union, now expects expansion of only 0.1% and 0.4%, respectively.
For the current year, the EC forecasts eurozone contraction of 0.4%, 0.1 point worse than its previous outlook. It expects the EU economy to shrink 0.3% instead of remaining unchanged from 2011.
Eurozone unemployment, now at 11.9%, is likely to peak at 12% next year, the EC estimates.
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