EU Executive to Revise Economic Forecast

Brussels, Aug 16.- The European Commission is putting the finishing touches on its revision of economic prospects in Europe and it is a unanimous criterion that it will reduce growth predictions because of the depth of the international financial crisis.

The new calculations might show a more pessimistic scenery created by the turbulences provoked by the real estate and mortgage crises in the United States, added to increasing prices of oil, the appreciation of the euro and inflation.

The predictions for the 2009-2011 period include estimates on the increase of the Gross Domestic Product, inflation, unemployment and public finances for the Eurozone and the 27 national economies of the European Union.

In its last preliminary predictions in July, Brussels cut its calculations by 0.4 on the increase of the Gross Domestic Product this year, up to 1.8 percent for the euro member countries and 2 percent for the EU.

In early April 2011, the International Monetary Fund also cut its growth estimates down to 1.4 percent and 1.2 percent in 2012 for the Economic and Monetary Union. These estimates were considered too prudent by the European Commission.

The Organization for Cooperation and Economic Development believes the financial crisis will affect Europe less. (Prensa Latina)