Some 8.5 mln Europeans to lose jobs in 2009, 2010

Special Report: Global Financial Crisis

BRUSSELS, May 4 (Xinhua) -- Some 8.5 million Europeans are expected to lose their jobs in 2009 and 2010 as the European Union (EU) economy plunged into a deeper recession than previously thought, the European Commission warned on Monday.

Employment is set to contract by about 2.5 percent in both the EU and the euro zone this year and by a further 1.5 percent in 2010, the commission said in its latest economic forecast.

EU economy forecast to shrink four percent this year

BRUSSELS, May 4 (Xinhua) -- The European Union (EU) economy is set to shrink four percent this year, the European Commission said on Monday, forecasting a deeper recession than previously thought.

The main factors behind the recession are the worsening of the global financial crisis, a sharp contraction in world trade and ongoing housing market corrections in some member states, the commission said. Full story