(MENAFN- Saudi Press Agency)
Brussels 26 Rajab1437 AH 03 May2016 SPA -- The European Commission lowered its expectations for growth in the eurozone on Tuesday citing uncertainty over Britain's EU referendum as a risk factor while economic heavyweights France and Spain are struggling to get their deficits in line dpa reported.
The euro currency bloc has had trouble revving up its economic engine ever since emerging from recession in 2013. It has had to contend with high unemployment low inflation and more recently a migration crisis that is straining the bloc's cash-strapped governments.
The eurozone is expected to expand by 1.6 per cent this year and 1.8 per cent in 2017 the commission said in its spring economic forecast slightly revising down earlier predictions.
The economic recovery in Europe continues but the global context is less conducive than it was" commission Vice President Valdis Dombrovskis said in a statement.
-- SPA
14:12 LOCAL TIME 11:12 GMT
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