The UK, Germany and Spain will fall into recession in 2008, the European Commission has predicted.
Brussels said the three countries would see two negative quarters of economic growth in a row, which is the technical definition of a recession.
In its latest economic forecast, the commission also downgraded its outlook for eurozone growth again.
It said the 15-nation euro bloc would now grow by 1.3% this year, against previous projections of 1.7%.
Earlier this month, data showed the region's economy shrank by 0.2% between April and June - the bloc's first decline since its creation in 1999.
The contraction was driven by a slowdown in exports and consumer spending.
- ALL THOSE LEFTIES WHO DERIDE US CONSUMPTION ARE WRONG: THE ENTIRE WORLD DEPENDS ON OUR CONSUMPTION.
- FOR THE GOOD OF THE WORLD, AMERICANS NEED TO CONSUME MORE, NOT LESS.
1 comment:
Americans have already cut back on consumption. Get ready for the dominos to fall elsewhere in the world.
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