EU economy will recover faster than expected: official

MADRID - The European economy will recover from the crisis sooner than expected, European competition commissioner-designate Joaquin Almunia said Tuesday.

The economy would recover “a bit faster” than expected, though it would take years to recover lost jobs, Almunia said in an interview with Spanish national television.

“From a certain moment onwards, forecasts underestimate the situation and the economy recovers a bit faster,” said Almunia, who is expected to be given the competition portfolio after being in charge of economic affairs in the European Commission.

Almunia said he expected economic growth already for this year.

He nevertheless cautioned against “false illusions,” because the growth would be too “weak” to create enough jobs.