These could be Europe's fastest-growing economies in 2019

These could be Europe's fastest-growing economies in 2019

The commission said the resulting uncertainty, as well as the recent slowdown on global growth and world trade, was weighing on GDP prospects for this year and 2020.

"Employment growth is set to slow considerably over the forecast horizon as working age population continues falling and untapped labor supply becomes increasingly thin". But it will rebound to 1.5 percent in 2020.

"In 2019, GDP growth [in Latvia] is expected to slow to 3.1% as investment growth comes down from the exceptionally high growth of the previous two years".

The projection for Romania's gross domestic product (GDP) growth in 2020 was lowered, too - to 3.1% from 3.6% forecast in November, the Commission said in its Spring 2019 Economic Forecast report.

"The uncertainty surrounding Ireland's economic outlook comes mainly from external factors, particularly the terms of the UK's withdrawal from the European Union, as well as possible changes in the global taxation and trade environment", the Commission said. Household consumption remains strong as disposable incomes continue to benefit from steady growth of employment and wages, in an environment of low inflation.

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The ECB expects euro zone inflation at 1.2% this year and 1.5% in 2020 and has already announced plans to provide even more stimulus through a new round of ultra cheap loans to banks to help the economy.

The EU's aggregate government deficit is expected to increase from 0.6 percent of GDP in 2018 to 1 percent in both 2019 and 2020. Debt-to-GDP ratios are forecast to fall in most member states in 2019 and 2020 as deficits remain low and nominal GDP growth should remain higher than the average interest rate on outstanding debt.

"Risks to the fiscal outlook remain skewed to the downside, mainly reflecting uncertainty as regards the economic outlook and the sustainability of the current level of some sources of government revenue (notably corporate tax)", it said.

Europe should also "stay alert to a possible no-deal Brexit", he added, with negotiations on the EU's divorce with the United Kingdom stalled and no agreement in sight.

"On the external side, these include further escalation of trade conflicts and weakness in emerging markets, in particular China".

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