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Financial News: EU: European Economy Remains On Steady & Moderate

EU: European Economy Remains On Steady & Moderate Growth Path

02/13/2020 - 05:20:00 (RTTNews)

(RTTNews) - The European economy remains on a path of steady and moderate growth, the European Commission said in its Winter Forecast, published on Thursday.

Although economic fundamentals should provide the necessary resilience to external headwinds, it remains insufficient to propel growth on to a higher trajectory, the EU said.

The EU retained its growth projections for the 19-nation currency bloc. The agency forecast the economy to grow 1.2 percent each this year and next.

Meanwhile, on the back of supportive monetary policy, slightly higher oil price assumptions and some upward momentum in underlying price pressures, the inflation outlook for the currency bloc was revised upwards.

The 2020 inflation forecast was raised to 1.3 percent from 1.2 percent. Likewise, the projection for next year was lifted to 1.4 percent from 1.3 percent.

The outbreak and spread of the '2019-nCoV' coronavirus and its impact on public health, human lives and economic activity has been a source of mounting concern, the EU noted.

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