European Debt Crisis

Eurozone forecast to grow at fastest rate in 10 years

The eurozone economy will grow this year at its fastest rate in a decade following a run of upbeat news largely linked to a reduction in uncertainty following a series of elections, the European Union said Thursday.

In updated forecasts, the EU's executive Commission said it expects growth this year of 2.2 percent, which would be the highest rate for the 19-country bloc since 2007. In its previous forecast in the spring, it had penciled in growth of 1.7 percent.

The Commission also raised its eurozone growth forecast for next year to 2.1 percent from 1.8 percent and said growth in 2019 is expected to be 1.9 percent.

The upgrades take into account strong economic...

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