Learning English - Words in the News
12 September, 2008 - Published 09:14 GMT
The European Commission says three of its biggest economies, Britain, Germany and Spain, will drift into recession before the year is out. The Commission has also said growth throughout the eurozone will be below its previous forecast. Rodney Smith reports:
In a gloomy prognosis on economic prospects for the 15 member eurozone, the European Commission's latest interim forecast indicates that overall growth will struggle to reach just over 1%. 1.3% in fact this year. However in the detail, it thinks the eurozone is going through the worst of the storm right now and may show a very modest improvement from October through to December.
This does mean that the eurozone as a whole could be spared recession, but the Commission also reports that the individual economies of some of the biggest members won't be so lucky. Germany and Spain are expected to tip into recession.
And so is Britain, but it is not a member of the eurozone. This reinforces a recent forecast by the OECD that the British economy is particularly weak.
Rodney Smith, BBC
a gloomy prognosis
economic prospects for
the worst of the storm
show a very modest improvement
be spared recession
to tip into
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