European Commission Expects 'Shallow' 3.3% Global GDP Growth in 2016

© AFP 2022 / EMMANUEL DUNANDEuropean flags flutter in front of the European Commission building as the European Commission President-elect unveils the list of the new European Commissioners during a press conference in Brussels, on September 10, 2014
European flags flutter in front of the European Commission building as the European Commission President-elect unveils the list of the new European Commissioners during a press conference in Brussels, on September 10, 2014 - Sputnik International
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The European Commission released Winter 2016 Economic Forecast with the prediction that global economic growth outside the EU will be 3.6 percent in 2016 and 3.8 percent in 2017.

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MOSCOW (Sputnik) – Global real GDP will grow by 3.3 percent in 2016 and will accelerate to 3.5 percent the following year, the European Commission’s Winter 2016 Economic Forecast released on Thursday states.

The Commission assessed last year’s real GDP growth at 3 percent.

"The world economy has been slowing down. Its growth in 2015 is estimated at only 3 percent, and the expected recovery is rather shallow and surrounded by risks," the forecast states.

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Despite sustainable recoveries in developed economies, the outlook for countries outside the European Union last year is set to have been at its weakest since 2009, it said.

"Global economic growth outside the EU is expected to have slowed from 3.7 percent in 2014, to 3.2 percent in 2015. It is now forecast to recover gradually to 3.6 percent in 2016 and 3.8 percent in 2017; lower than expected in the autumn," the Commission said.

The Fitch Ratings agency expects the global economy to grow by 2.6 percent this year, while the Organization of the Petroleum Exporting Countries (OPEC) forecast 3.4 percent growth.

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