The European Commission has forecast that China’s economy will grow 8 percent this year and 8.1 percent in 2014, after it successfully avoided a “hard landing” in 2012.
According to its spring forecast released on Friday, EC officials said China remains exposed to a possible worsening of the international environment, but its principal risk factors remain domestic.
The report said the European Union economy is expected to stabilize in the first half of 2013, following recession in 2012.
Projected GDP growth for the EU is minus 0.1 percent in 2013, and 1.4 percent in 2014, and 1.2 percent in the euro area — weak performances which the report attributed to constrained domestic demand due to a number of impediments, which are typical of the aftermath of deep financial crises.
It said the global average growth rate may climb to 3.8 percent from 3.0 percent in 2012.
The European economic pickup may not bring job creation. The jobless rate in the area is forecast to be the same in 2013 and 2014, as high as 11.1 percent. While the unemployment rate for the two years in the eurozone stands as high as around 12 percent.
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