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Learning English - Words in the News
12 September, 2008 - Published 09:14 GMT
European recession
Housing markets have been slow for many months now

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:

Listen to the story

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

Listen to the words

a gloomy prognosis
a forecast, or prediction that offers little hope or causes a feeling of despair

economic prospects for
the likely future of the economy of

all the countries that use the euro as their currency

interim forecast
a prediction that is not yet final

struggle to
not easily, with difficulty

the worst of the storm
the hardest times

show a very modest improvement
get very slightly better

be spared recession
avoid, or prevent a period (shorter than a depression) when the economy of a country is not successful and conditions for business are bad

to tip into
to lose economic stability and to experience

confirms, gives more credibility to

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