Eurozone slipping into ‘mild’ recession |
| Financial Times - Feb 23, 2012 |
The eurozone economy is going through a “mild recession”, according to the European Commission, and will contract this year, highlighting the challenges facing policymakers as they attempt to boost growth to overcome the debt crisis.
Olli Rehn, EU economic and monetary affairs commissioner, outlined sharply lower economic forecasts, including two consecutive quarters of economic contraction – the technical definition of a recession – in more than half the 17 countries that use the single currency.
“Europe has entered into a mild and temporary recession but … there are signs of recovery,” Mr Rehn told reporters in Brussels. “The temporary weakening of global demand we were expecting is still going on.”
Mr Rehn forecast the eurozone would contract 0.3 per cent this year, down from an earlier forecast for growth of 0.5 per cent.
It marks the second time in three years that the bloc has experienced recession, and follows a worsening of the eurozone debt crisis in the final months of last year.
Read Full Article from Financial Times
- Posted: 2012-02-23 10:34:56
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
