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EU faces stagnation in 2009, Brussels says

Business Materials 3 November 2008 13:51 (UTC +04:00)

The European Union's economy is set to grind to a halt in 2009 and only start picking up in 2010, with a deep recession looming in Britain, the EU's executive said Monday.

According to the latest forecasts from the European Commission, the economy of the 27-member bloc is set to grow by just 0.2 per cent in 2009, while the 16 countries which use the euro are set for growth of just 0.1 per cent, reported dpa.

Growth in 2010 should pick up to around 1.1 per cent for the EU and 0.9 per cent 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 1 per cent under the impact of the financial crisis.

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