EU cuts 2014 growth forecast

(MENAFN) The European Union lowered its next year growth forecast for the region as the economy is struggling due to the debt crisis and high unemployment rate, Times of Oman reported. The gross domestic product (GDP) in the euro-area is expected to expand by 1.1 percent next year, 0.1 percent lower than the prior forecast. EU economic and monetary affairs commissioner said: "The fiscal consolidation and structural reforms undertaken in Europe have created the basis for recovery."