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European Union ministers cast doubt on economic recovery

EU ministers have today cast doubt on any significant potential for recovery in the European economy before 2010. While only three months ago the EC was predicting a fall of 1.9% across-the-board for the European economy, and growth in 2010 the region of 0.4%, these figures have been severely downgraded of late.

The EU now expects the Eurozone economy to fall by 4% this year and by 0.1% next year although they do feel as though economies will start to recover in the latter stages of 2010. These figures are significantly worse than those released by Alistair Darling with the recent UK budget and again cast doubt on the "rose tinted glasses" scenario being forecast by the UK authorities. Both Alistair Darling and Gordon Brown have placed their reputations on the line by issuing their more upbeat forecasts for the UK, going against the vast majority of third-party reports.

While the ongoing swine flu issue may well offer UK authorities a "get out clause" with regards to their upbeat forecasts there is a feeling that many voters and business people in the UK have already seen through the smokescreen. However, if by magic these figures turn out to be correct then Gordon Brown and Alistair Darling may be on the verge of pulling off one of the most audacious recoveries of all time.

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