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U.S. markets recover from steep losses
BRUSSELS, Sept. 14 (UPI) -- European Union Economics Commissioner Joaquin Almunia said a slow, uncertain recovery was in store for the 27 members of the European bloc.
"We started 2009 from a lower point because of the downward revision from the end of 2008, but we will end 2009 in a better position than we were expecting a few months ago," Almunia said at a press conference in Brussels Monday.
"This gives us a more positive outlook, not only for the second part of this year but also for the beginning of 2010," he said.
Almunia also predicted unemployment would rise with food and energy prices rising by the end of the year, Voiced of America reported.
In its latest assessment, the EU projects about 0.2 percent growth in the third quarter and 0.1 percent growth in the fourth quarter.
Overall for 2009, the EU forecast is for a contraction of 4 percent in the gross domestic product.
The latest projections are based on data from Britain, France, Germany, Italy, the Netherlands, Poland and Spain, which make up 80 percent of the gross domestic product of the 27 EU member states.
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