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IMF cuts eurozone 2014 growth forecast

The logo of the International Monetary Fund at the organization's headquarters in Washington, DC, May 16, 2011The IMF cut its 2014 growth forecast for the eurozone on Monday, warning that the recovery in the single currency bloc was “neither robust nor sufficiently strong.” In an annual report on the eurozone, the International Monetary Fund said growth this year would reach 1.0 percent instead of the 1.1 percent earlier forecast. “We acknowledge there is recovery but a lot more needs to be done,” said Mahmood Pradhan, Deputy Director of the IMF’s European Department, in a conference call presenting the report. The Washington-based IMF recommended eurozone policy-makers adopt measures to boost demand, reinforce banks, and pursue structural reforms that applied to all 18-member countries, including ways to fight youth unemployment.

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