Europe’s economy is still reeling and unemployment could remain high for years despite the progress made in solving the debt crisis, the European Union warned Wednesday, as it downgraded next year’s forecasts for the 27-country bloc.
The European Commission, the executive arm of the EU, on Wednesday revised down its forecast for the region’s gross domestic product, which it now expects to grow by just 0.4 percent in 2013, compared to its expectations this spring of 1.3 percent growth.
The commission had previously expected the 17 countries that use the euro to find its footing next year, with 1 percent growth. Now it predicts only a 0.1 percent uptick.
— Staff and wire reports