European Commission predicts turning point in EU

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Olli Rehn, Vice President of the EC in charge of Economic and Monetary Affairs gives a press conference on the interim economic forecastThe European Commission has said the European economy has reached a turning point, with growth of 0.5 per cent  predicted in the second half of the year, the British Broadcasting Corporation reported on Tuesday.

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In its closely-watched autumn forecast the Commission predicted 1.4 per cent growth in the EU next year and 1.9 per cent in 2015.

“There are increasing signs that the European economy has reached a turning point,” said Olli Rehn, commissioner for economic and monetary affairs.

The Commission publishes forecasts three times a year.

Despite the upbeat prognosis, the Commission said it expected the recovery to be gradual.

“While the financial market situation has improved significantly and interest rates have declined for vulnerable countries, this has not yet fed through to the real economy,” Rehn said.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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