Growth of even 1% now unlikely

THE eurozone economy will find it difficult to expand by even 1% this year, European Monetary Affairs Commissioner Pedro Solbes said on Saturday, effectively scrapping a forecast made three months ago.

"One percent growth is unlikely," Mr Solbes told reporters in Gaeta, a town on Italy's west coast between Rome and Naples.

In April, the European Commission revised down its gross domestic product growth forecast to 1% from 1.8% but on Saturday, he hinted growth could dip to 0.7%.