Eurozone growth outlook slashed in new blow to recovery

The EU sharply cut its growth forecasts for the eurozone, warning that France and Italy remain huge problems for the sluggish European economyThe EU sharply cut its growth forecasts for the eurozone on Tuesday, warning that France and Italy remain huge problems for the sluggish European economy that is becoming a worry worldwide. The threat of deflation and recession combined with stubbornly high unemployment across the eurozone loomed large in the European Commission’s autumn economic forecasts. EU officials called for urgent investment to boost jobs and growth, amid fears that just two years after its last debt crisis, the eurozone could again destabilise the global economy. European markets on Tuesday sank on the dire forecasts, with shares in Paris down a sharp 1.5 percent and Milan off more than two percent.

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