According to the latest report issued by the European Commission (EC), the economic growth forecast for the eurozone in 2019 was lowered to 1.2% from the estimate 1.3% in February of this year, and that for 2020 was cut to 1.5% from the previous 1.6%.
The main reasons for the downward forecast was due to the recent slowdown in global economic and trade growth, the uncertainty of trade policies, and the continuous weakness of the manufacturing industry in the Eurozone, especially for automotive industry in some countries.
The report also indicated the prediction that the global economic growth rate will be at 3.2% and 3.5% for 2019 and 2020 respectively.
Source from Yieh Corp
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