EU slashes 2021 growth forecast, but eyes big rebound

The EU slashed its growth forecast for 2021 on Thursday as the coronavirus pandemic kept much of Europe under restrictions, but Brussels insisted that a powerful rebound was near.

The European Commission said GDP growth in the 19 countries that use the euro would hit 3.8 percent this year, with the recovery coming later than originally hoped.

But Brussels gave a sharp boost to its prediction for growth next year, upping it to 3.8 percent from 3.0 percent earlier.