EU economy to rise by 1.9% in 2016 - EC
BRUSSELS. KAZINFORM The European Commission expects 1.9% economic growth in all European Union countries in 2016, while in Eurozone this figure is forecast at 1.7%, the Commission's traditional Winter 2016 Economic Forecast submitted on Thursday reads.
The European Commission predicts further economic rise in 2017 by 2% in the EU and by 1.9% in Eurozone, Kazinform reports.
“The European economy which hugely depends on cheap oil, euro rate and low interest rates is successfully experiencing this winter’s new challenges. Nevertheless, weak global environment poses a threat and means that we must be doubly vigilant,” Pierre Moscovici, Economic and Financial Affairs, Taxation and Customs, told.
According to the forecast, inflation will stay in Eurozone at low levels in 2016, and its rise is expected in the second half of the year. The EC expects that inflation rate will make 0.5% in 2016 and 1.5% in 2017.
Alongside, the EU forecasts that unemployment rate will decrease by 9% in 2016 in the EU and by 10.5% across the Eurozone. The Commission hopes also that this tendency will be observed in 2017.