The European Commission on Monday (4 April) slashed 2005 economic growth forecasts for the eurozone to 1.6% - down from the 2% predicted six months ago.
"The second half of 2004 was very bad, very low growth rate, so the carryover for 2005 was not strong", said Economic Affairs Commissioner Joaquin Almunia presenting the Spring Economic Forecasts.
"We are estimating recovery along the year and at the end of 2005 we are expecting a growth rate according to the potential growth arou...
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