The European Union slashed its earlier growth forecast for the 17-member Eurozone today to just 0.5 percent for the year. This is a significant reduction from the 1.8 percent projection made earlier this year.
The EU also warned that the region could fall into a “deep and prolonged” recession with no end in sight for the ongoing debt crisis. A recession in Europe will also impact other economies and could be the starting point for another global recession.
