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LONDON, September 9 (Itar-Tass) —— HSBC Bank of Britain, the biggest bank of the European Union, has revised its forecast of the growth rate of the Gross Domestic Product (GDP) in the euro zone for the current year and brought it down to 1.6 percent. Its analytical report was circulated in the City of London.
The previous forecast of the economic growth rate in the euro zone, made by HSBC, set it at 2 percent. Now it has been reduced. HSBC specialists warn that the economies of Spain and Italy are on the way to recession.
The forecast of the growth rate of the U.S. GDP in the current year was also brought down to 1.6 percent by HSBC. The previous figure was 2.5 percent. The analysts revised as well their forecast of the U.S. economic growth rate in 2012 and brought it down to 1.7 percent as against the previous figure of 2.9 percent.