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European Commission slashes growth and inflation forecasts

FXStreet (Łódź) - According to European Commission's autumn 2014 European Economic Forecast report, the region will continue growing slowly next year in a persistently low inflation environment and amid excessively elevated unemployment.

The European Commission sees GDP rising by 0.8% (compared to the previous forecast of 1.2%) this year, 1.1% (vs 1.7%) the next and 1.7% in 2016. Inflation is expected at 0.5% (vs 0.8) in 2014, at 0.8% (vs 1.2%) in 2015 and at 1.5% in 2016, while unemployment should decline only to 10.8% by that time.

The lackluster recovery is mainly due to the weak performance of the French and Italian economies, as well as to the stagnation seen in Germany. The geopolitical turmoil and market jitters pose the greatest risks to the outlook.

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