by Peter Spence, Economics Correspondent
The European Union has slashed official forecasts for eurozone growth, on the back of a slowdown in emerging markets.
The European Commission now expects the currency bloc’s GDP to increase by just 1.8pc next year, compared to a previous growth forecast of 1.9pc. Officials said that the expected expansion represented a continuation of “modest” growth.
Moreover, forecasters believe that growth will be weaker this year than last, with GDP expected to climb by just 1.6pc. The eurozone is thought to have achieved growth of 1.7pc in 2015.