The European Commission announced a downward revision of the GDP growth forecasts of the euro area and the European Union for 2020. Now, the EC expects the euro area economy to grow by 1.4% next year, rather than by 1.5%, as previously predicted. This year, growth will be at 1.2%, just as previously expected. Inflation in this and the next year is expected to be at the level of 1.3%, whereas previously the annual growth of consumer prices was predicted at the level of 1.4%. The EC also reported a revised forecast for EU GDP growth in 2020, which implies an economic recovery of 1.6%, while the previous forecast indicated a GDP growth of 1.7%. For the current year, growth is estimated at 1.4%. Inflation in the EU, according to the updated forecast, this year and next, will be at the level of 1.5%. Escalation of the trade war between the United States and China weakens investor confidence. A new wave of increased trade duties by the two countries may exacerbate a slowdown in economic growth.
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