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The European Commission (EC) has downgraded the forecast for eurozone GDP growth from 1.9% to 1.3%. The basis of the decrease is the uncertainty of the Brexit deal and the slowdown in the growth rate of the Chinese economy. In 2020, eurozone GDP is expected to grow by 1.6%, rather than 1.7%. Last year, the European economy grew by 1.9% after growing by 2.4% in 2017. The target inflation rate set by the ECB is “just below 2%.” In 2019, prices in the eurozone will rise by 1.4%, rather than 1.8%, as previously assumed. Disregarding the UK, the 27 remaining EU countries will raise the economy by 1.5% this year against a 2.1% increase. The rise in GDP will continue in 2020 at around 1.8%. The maximum decrease in the forecast was recorded by Italy - the country's GDP will grow by 0.2%. Initially, experts had predicted a rise of 1.2%. Germany's GDP will rise by 1.1% after rising 1.5% a year earlier. The European Commission also lowered forecasts for France, Spain and the Netherlands. The Greek economy, by contrast, will grow by 2.5% instead of 2.3% in 2019. Brexit, the US-Chinese trade conflict and weak global markets have a negative impact on eurozone GDP this year.
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
The reimplementation of virus-related lockdowns in some states dragged the U.S. economic outlook in the past month, according to economists in a Reuters poll who also warned that the monitored rebound in employment may reverse by the end of ...
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