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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (12870)	10/5/2004 11:03:42 AM
From: mishedlo	Respond to of 116555

EU Commission to revise 2004 growth forecast to around 2 pct, cautious on 2005 Tuesday, October 5, 2004 1:06:35 PM afxpress.com BRUSSELS (AFX) - The European Commission is likely to revise its forecast for euro zone 2004 growth up to around 2 pct, said Klaus Regling, director of the commission's economic and monetary affairs division. In its spring economic forecasts, the commission put 2004 growth at 1.7 pct. It is due to release new forecasts on Oct 26 Regling said the commission would need to be cautious about its growth forecast for 2005, which is currently at 2.3 pct. "We want to discourage any expectation of an upward revision for next year just because we have are revising up the forecast for this year," he said But he said he does not expect the recent rise in oil prices to have a major negative impact on growth next year because the euro zone is much less vulnerable to oil prices than at the time of the 1970s' oil shock