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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Euro economy to grow, but fears persist over markets AFP - Thursday, May 6 Send IM Story Print A Euro coin is held in front of the currency's logo outside the headquarters of the European Central Bank in Frankfurt. Europe's economic recovery will gather speed this year, new EU forecasts said, but only if a debt "bushfire" in Greece is tamed before it becomes a "forest fire." BRUSSELS (AFP) - – Europe's economic recovery will gather speed this year, new EU forecasts said on Wednesday, but only if markets do not target Spain or Portugal the way they have struck at debt-ridden Greece. The European Commission raised its growth predictions for the core euro currency area to 0.9 percent this year, from the 0.7 percent forecast in February, and kept 2011 forecasts as they were at 1.5 percent. However, Brussels voiced concern at the potential for a domino effect on financial markets which have battered Greece for months, bringing down the value of the euro against the dollar, and subsequently turned their sights on Spain and Portugal. The fear of contagion constitutes a genuine "threat to financial stability for the European Union and its economy as a whole," said the EU's economic and monetary affairs commissioner Olli Rehn. As public deficit and debt fears spread, the commission said the Greek economy would shrink by 3.0 percent -- and, on the eve of the British general election, showed that the 2010 deficit planned by its Labour government would hit 12.0 percent, worse than all the other countries considered most at risk. However, Britain's battered economy is forecast to grow by 1.2 percent in 2010. Britain is in the EU but not in the eurozone, and neither is industrial powerhouse Poland, the EU's strongest economic performer last year and again way out in front with 2.7-percent growth forecast this year and 3.3 percent tipped in 2011. "The improved outlook for economic growth this year is good news for Europe," Rehn added. However, "we must now ensure that growth will not be derailed by risks related to financial stability. "Sustainable growth calls for determined fiscal consolidation efforts and reforms that enhance productivity and employment," he said. The turnaround from an unprecedented 4.1-percent contraction endured last year when Europe was in the throes of its deepest recession since World War II sees the 27-nation EU, home to half a billion people and the world's biggest open trading bloc, tipped to post 1.0 percent growth. But the overall deficit figure for its core eurozone was put at 6.6 percent in 2010 -- more than double the notional three percent agreed limit. The situation is very different for Greece, as its currency partners and the IMF ready to transfer up to 110 billion euros (145 billion dollars) of rescue loans to Athens over the next three years to prevent it defaulting on its massive debts. Brussels now forecasts a 3.0-percent contraction of Greek gross domestic product (GDP), a radical revision compared to the 0.3 percent drop foreseen last November, with recession there now expected to last right through 2011. Greece is forecast to bring its deficit down to 9.8 percent of GDP this year, from the 13.6 percent in 2009 which made a eurozone bailout package a necessity and triggered a painful austerity drive that has caused riots in the streets. For Spain and Portugal, the commission revised its growth predictions upwards to 0.4 percent and 0.5 percent respectively this year. However, Spain is also suffering from the highest unemployment rate in Europe, almost twice the EU average which is preeicted to rise to 10.3 percent this year and 10.4 percent next year. Italy is also considered in choppy waters, underlined by a heavy debt ratio pegged at 118.2 percent for 2010, comparesd to the eurozone average of 84.7 percent. Meanwhile, Europe's biggest economy, Germany, is forecast to grow by 1.2 percent this year, although just 1.6 percent next year in a slight downwards revision. German Chancellor Angela Merkel said on Wednesday that Europe was at an economic and political "crossroads," and called for tougher penalties to be applied to European countries that break rules on deficit and debt levels, relative to GDP. "The Greek crisis has brought it home to us in drastic fashion what a lackadaisical budget and financial policy can lead to," Merkel said. 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