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Added on the 16/03/2016 17:51:47 - Copyright : Reuters EN
The EU sharply cut its eurozone growth forecast for 2024, Commissioner for the Economy Paolo Gentiloni says. Gentiloni says the European Commission predicts the single-currency economic area to grow by 0.8 percent in 2024, down from a previous forecast of 1.2 percent. SOUNDBITE
Britain's economy will rebound this year and not shrink as initially thought, but will grow far less than expected next year, finance minister Jeremy Hunt says as he presents his Autumn Statement to parliament. Gross domestic product will expand 0.6 percent in 2023, Hunt said citing the Office for Budget Responsibility fiscal watchdog, upgrading its prior forecast of minus 0.2 percent. GDP is then set to grow by 0.7 percent in 2024, which was sharply down from previous guidance for a 1.8-percent expansion. SOUNDBITE
The European Commission cut its 2023 and 2024 eurozone economic growth forecasts, with the single currency area weighed down by Germany's poor performance. "The EU GDP growth for 2023 is now estimated at 0.8%, which is 0.2 percentage points lower than projected in spring," says Paolo Gentiloni, the European Commissioner for Economy. SOUNDBITE
British Prime Minister Liz Truss insists she would push ahead with her contentious programme to boost sluggish economic growth, despite market turbulence and sacking her finance minister. Truss says she is "absolutely determined to see through what I have promised to deliver, a higher growth, more prosperous United Kingdom", even after being forced to climb down on key parts of the plan. SOUNDBITE
After being elected leader of the Conservative party and Prime Minister of the United Kingdom, Liz Truss vows to deliver a "bold plan" for the country centred on tax cuts and economic growth. The foreign secretary beat her rival, former finance minister Rishi Sunak, by 81,326 votes to 60,399, after a summer-long internal contest sparked by Boris Johnson's resignation in July. SOUNDBITE
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