EU refuses to rule out drop in growth forecasts

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BRUSSELS, March 3 (AFP): EU Monetary Affairs Commissioner Joaquin Almunia refused to rule out Tuesday further reductions in European growth forecasts due to the impact of the economic crisis.

On January 19, the European Commission said that it expected growth in gross domestic product to drop by 1.9 percent in the eurozone this year, and slide 1.8 percent for the 27- nation European Union.

It forecast growth of 0.4 percent among the 16 countries using the euro single currency in 2010, and growth of 0.5 percent in the EU next year.

"When we presented the forecasts on January 19, I said the risks are broadly balanced," Almunia said at the European Policy Centre think-tank. "Now I can say downside risks are bigger," he said.