Eurozone is ‘flying with one engine’ Disaster looms for EU, warns chief economist

EUROPE’s spluttering economy is equivalent to a plane “flying on one engine” a leading rating agency has warned, as it slashed growth projections for the bloc.

The wind has been knocked out of the finances of the single-market this year amid fears over a global crisis triggered by China’s slowdown and low oil prices, according to Standard and Poors (S&P).

Estimates from the agency are the eurozone economy will now grow just 1.5 per cent this year, down from a previous forecast at the end of last year of 1.8 per cent.