Euro area economy is expected to slow down more markedly than initially expected, because of the impact of increasing risks, including a disorderly Brexit, and external tensions primarily driven by the US-China trade war. The expansion continues but it will be moderate, the European Commission said on Thursday (7 February). But the risks are clearly on the downside, explained the Commissioner for Economic Affairs, Pierre Moscovici. As a result, euro area countries are expected to grow this year 1.3%, compared with 1.9% projected three months ago. This year’s growth forecast for the whole of the EU has also been cut to 1.5%, compared with 2% in November. For next year, the output is expected to pick up, although slightly less than initially expected, to reach 1.6% for the eurozone and 1.8% for the EU as a whole. The executive explained that the deceleration of the European economy in the second half of last year was more intense than expected, while the “high uncertainty” across the planet also impacted the global output. Europe “does seem to be more affected than other areas by the slowdown in global trade,” Moscovici explained. President Donald Trump said on Thursday (31 January) he wanted a “very… Read full this story
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