The European Commission has upgraded its earlier annual growth prediction for the Eurozone to 0.9 percent from 0.7 percent. However, the EU admits that the region “continues to be surrounded by high uncertainty”, and while some countries will see strong growth, others will suffer dramatic declines.
Naturally, all eyes are currently fixed on Greece where a EU/IMF imposed austerity program in exchange for face-saving loans, has resulted in massive protests. All told, Greece’s recent troubles could result in growth shrinking by 3 percent. Spain will also likely decline by nearly half a percent, but Portugal – after suffering a 2.7 percent drop last year – could see limited growth of 0.5 percent.
Source: BBC News
