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Global economic growth in 2013 will be weaker than previously forecast, with Europe heading for recession for the second consecutive year, amid political tensions and lingering effects of the 2008-09 financial crisis, the Economist Intelligence Unit said.
Worldwide, Gross Domestic Product is projected to expand 2.3% next year, down from 2.5% in a previous estimate and only a slight improvement from the 2.2% growth expected this year, Economist Intelligence Unit analysts said in a new report.
"Such a subdued rate of growth is exceptionally disappointing at this stage of an economic recovery, and underlines the fact that the world has not recovered fully from the 2008-09 financial crisis," the Economist Intelligence Unit said.
The group also forecast the euro zone economy will contract by 0.2%, after previously saying the region would grow 0.4%. Overall, trading conditions "remain difficult in many countries," and while China and the U.S. offer some bright spots, "the global economy still has serious problems - most notably the debt crisis in the euro zone… Austerity looks set to bite harder than we previously forecast."