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East Midlands Chamber News

Eurozone growth forecasts cut again

Austerity bitesThe OECD has again cut its growth forecasts for the eurozone and called on the European Central Bank to consider doing more to boost growth, the BBC has reported.

The organisation says the eurozone will shrink by 0.6 per cent this year, widening the gap between it and faster-growing economies such as the US and Japan.

The UK forecast was revised down to 0.8 per cent growth this year and 1.5 per cent in 2014.

Meanwhile, the European Commission has given France two more years to complete its austerity programme.

France fell back into recession in the first three months of the year.

Spain, Poland, Portugal, the Netherlands and Slovenia have also been given more time to complete fiscal tightening.

Click to read the BBC's report.