EU faces stagnation in 2009, Brussels says

November 3rd, 2008 - 5:59 pm ICT by IANS  

Brussels, Nov 3 (DPA) The European Union (EU) said Monday its economy is set to grind to a halt in 2009 and only start picking up in 2010, with a deep recession looming in Britain.According to the latest forecasts from the European Commission, EU’s executive arm, the economy of the 27-nation bloc is set to grow by just 0.2 percent in 2009, while the 16 countries which use the euro are set for growth of just 0.1 percent.

Growth in 2010 should pick up to around 1.1 percent for the EU and 0.9 percent for the eurozone.

Of the bloc’s four biggest members, Germany, France and Italy are all set to post zero growth in 2009, while Britain’s economy is set to shrink by one percent under the impact of the financial crisis.

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