EU Head Office Trims 2005 Growth Forecast
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The European Union's head office issued a bleak economic report Tuesday, warning that the sharp rise in oil prices will "take its toll" on economic growth next year while the euro's renewed climb could threaten crucial exports.
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The International Monetary Fund has cut its forecast for global growth next year slightly amid expectations that the US and Chinese economies will not expand as strongly as previously thought.
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Singapore cut its growth forecast for this year to 8.0-8.5 percent from 8.0-9.0 percent following a sharp slowdown in the third quarter and warned of uncertainties ahead for 2005.
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US economists have trimmed their forecasts for hiring and economic growth in view of steep energy prices and other factors, a Wall Street Journal survey showed.
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France signalled it will slash its budget overspending next year to come into line with EU rules in a 2005 budget published on Wednesday and forecast economic growth of 2.5 percent.
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A high level report has called for the EU to refocus itself on economic growth and job creation, and away from environmental and social concerns.
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The German economy shrank by 0.2 percent in the last three months of 2004, a preliminary estimate by the federal statistics office, Destatis, shows, confirming a slowdown in activity in the eurozone's biggest economy in the second half of last year.
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The global credit crunch, created by uncertainty about the size of losses in the U.S. mortgage market, will curb euro zone economic growth in coming quarters, the European Commission said.
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BRUSSELS: The European Commission will revise downwards its 2005 economic growth forecast because of soaring oil prices, Economic and Monetary Affairs Commissioner Joaquin Almunia said on Wednesday.
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British Chancellor of the Exchequer Gordon Brown warned Friday that a weak growth in the 25-member European Union bloc is endangering the global economy.
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The French economy is expected to grow 2.1 percent this year, but will limp through the first half of 2005 at a 1.4 percent pace that threatens the official full-year target of 2.5 percent, the national statistics office INSEE said.
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The White House on Friday projected a slightly lower growth rate for the US economy of 3.5 percent in 2005, but cast the outlook as sound for a year in which it
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The Bush administration released a new economic forecast for 2005 in which it boosted growth forecasts slightly from a year ago but cut back sharply on its estimates of new jobs.
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The US economy is expected to slow to a still-solid 3.5 percent growth pace in 2005, allowing it to trim a record budget shortfall, the White House said.
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The European Union (EU) said Monday it would eliminate from January 1, 2005 all quantitative restrictions on the import of textile and clothing products from World Trade Organization (WTO) member countries.
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The OECD cut its 2005 economic growth forecast for the euro zone and other major economies on Tuesday, blaming a &quot;surge in oil prices&quot; and the slide in the dollar.
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The UK economy is set to slow markedly in 2005, consultancy firm Deloitte warns, with growth of just 2%.