EU Lowers Euro-Region Growth Forecasts by More Than Half For Next Year

Discussion in 'Wall St. News' started by ASusilovic, Nov 10, 2011.

  1. The European Commission cut its euro-region growth forecast for next year by more than half and said it sees the risk of a recession as leaders struggle to contain the fiscal crisis.

    Gross domestic product may grow 1.5 percent this year and 0.5 percent in 2012, the Brussels-based commission said today. It had earlier projected the 17-nation region to expand 1.6 percent and 1.8 percent this year and next, respectively. In 2013, the economy may expand 1.3 percent, the commission said.

    Austerity measure here, Eurozone sovereign debt problems there. Perfect mix for a nice protracted recession for the next couple of years, maybe decade? Well done, braniacs!