European Union cuts fiscal outlook

Brussels, November 5

The European Union’s executive commission on Thursday lowered its growth forecast for the economic rebound from the Covid pandemic next year and said the economy wouldn’t reach pre-virus levels until 2023.

The regular autumn forecast foresees the economy of the 19 countries that use the euro growing only 4.2% in 2021 instead of the previous estimate of 6.1 per cent.

The downgrade comes as governments record increasing Covid cases. — AP

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