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9 November, 2018 00:00 00 AM
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EU warns of eurozone slowdown

AFP, Brussels

The EU yesterday said growth in the eurozone would slow in 2019 and beyond, citing global uncertainty and heightened trade tensions. The European Commission also warned that Italy's deficit would balloon in 2019, due to a spending boost planned by Rome's populist government that blatantly defies EU rules on expenditure.

Fears of an economic slowdown in Europe have risen as markets fret over the possibility of a no-deal Brexit and trade tremors sparked by US President Donald Trump's protectionist policies.

In its latest forecasts, the European Commission expects growth in the currency bloc of 2.1 percent this year, followed by 1.9 percent in 2019, lower than the 2.0 percent predicted in its last assessment in July.

Growth is expected to continue to decline in 2020 to 1.7 percent.

"Uncertainty and risks, both external and internal, are on the rise and are starting to take a toll on the pace of economic activity," said Commission Vice President Valdis Dombrovskis.

The commission's forecasts land after official data last week showed that the economy in the 19-country single currency area rose just 0.2 percent from July to September this year.

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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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