The European Union faces increasing public debt despite forecasts of more growth

The 16-nation eurozone economy is set to grow unexpectedly fast this year, the EU Commission said on Wednesday. Olli Rehn, Commissioner for Economic and Monetary Affairs, announced the figures. The eurozone economy is forecast to grow by 0.9 percent this year, faster than previously predicted. This is a huge contrast from the unprecedented 4 point 1-percent contraction endured last year when Europe suffered its deepest recession since World War II.