BRUSSELS (AFX) - The European Commission sees no reason as yet to change "markedly" its spring economic forecasts, even though recent developments in the world economy "have not been encouraging", economic and monetary affairs commissioner Pedro Solbes said. The spring forecasts, released April 25, foresaw GDP growth this year at 2.8 pct in both the euro zone and in the EU, rising to 2.9 pct in both next year.
"Although recent developments in the global economy and the euro area have not been encouraging, the Commission does not see, as yet, a reason to change markedly its spring forecasts," he told a news conference.
Commission sources told AFX News 11 days ago the Commission was not planning to change its forecasts.
Commenting on whether the growth assumptions used for the euro zone members' EMU stability plans -- which determine budgetary goals -- are still valid, Solbes said that most of the plans are based on, "cautious growth assumptions."
He noted that in most cases the programmes assumed growth "lower than or equal" to the Commission's spring forecasts, which themselves were a downwards revision from the autumn forecast.
"Unless the economic outcome deviates significantly from the Commission forecasts, there should not be so much of a problem," for the 2002 growth assumptions, Solbes said.
"Against that background," he added, "there should not be major problems in reaching the stability programme targets for the budgetary position in 2002."