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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Weak growth in the 25-member European Union bloc is endangering the global economy, Britain's Chancellor of the Exchequer Gordon Brown warned in a newspaper article.
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Record high oil prices will cut euro zone growth next year and further sharp euro gains could make matters worse, the European Commission said on Tuesday.
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BRUSSELS The European Union&#39;s executive arm issued a bleak economic report on Tuesday, warning that the sharp rise in oil prices would &quot;take its toll&quot; on economic growth next year while the euro&#39;s renewed climb could threaten exports.
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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 European Union&#39;s executive office ended a three-year battle with France and Germany on Tuesday, dropping EU procedures against them after the two nations pledged to get their budget deficits back within EU limits next year.
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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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A likely soft landing for the U.S. economy will not dent the recovery that is gathering pace in Europe, the OECD said Tuesday, raising its growth forecast for the 12 nations that use the euro while cutting predictions for the United States to reflect a housing-led slowdown.
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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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Eurozone economic growth slowed in the three months to the end of September, revised official figures show.
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The euro zone trade surplus shrank to â¬5.5 billion in October from â¬9.1 billion in October last year but was up from â¬2.5 billion recorded in September, the statistics office Eurostat said today.
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BRUSSELS - The European Central Bank has lowered its growth forecast for the eurozone economy this year to 1.8% from a previously projected 1.9%, and to 1.9% from 2.3% in 2005, sources close to the ECB said.
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The European Union&#39;s head office on Tuesday echoed comments by the European Central Bank chief, warning that &quot;excessive volatility&quot; of the euro&#39;s exchange rate against the US dollar could damage economic growth in Europe.
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The UK economy is set to slow markedly in 2005, Deloitte warns, with growth of just 2%.
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The European Central Bank lowered its 2005 growth forecast and raised its inflation estimate for the 12 nations sharing the euro, after oil prices rose to records this year, said a person familiar with the matter.
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The International Monetary Fund has cut its forecast for global growth next year slightly amid expectations that the U.S. and Chinese economies will not expand as strongly as previously thought.
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The European commission expects the EU&#39;s 25 member governments to agree on a significant loosening of the controversial stability and growth pact by spring to kickstart faltering economic growth and create more jobs in the eurozone.