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EC ups eurozone growth rate
By Pan Pylas |
November 30, 2010, Tuesday
|
Print Edition
Print Edition
THE European Commission yesterday revised up its economic growth forecasts for the 16 countries that use the euro despite mounting concerns over the debt crisis which saw Ireland become the second eurozone country to take a bailout.
In its autumn forecast, the Commission said eurozone economic growth this year would likely be 1.7 percent, nearly double its spring forecast of 0.9 percent.
Growth is expected to moderate next year to 1.5 percent on the back of waning global growth and the impact of austerity measures being pursued across the eurozone. However, it is expected to pick up again in 2012 to 1.8 percent as the private sector starts to take up the slack from the public sector's retrenchment.
The slowdown next year will be most marked in Germany, Europe's biggest economy. Though growth is set to slow from this year's stunning 3.7 percent, it will remain at an above-average 2.2 percent.
France, Europe's second-largest economy is expected to grow by 1.6 percent this year and next.
Though Germany and France will continue to post solid growth, the countries with the biggest debt difficulties will continue to underperform as their governments rein in spending and raise taxes.
Portugal - widely-considered to be the next most vulnerable eurozone economy following Greece and Ireland - is expected to fall back into recession next year, shrinking by 1 percent following 2010 growth of 1.3 percent.
In its autumn forecast, the Commission said eurozone economic growth this year would likely be 1.7 percent, nearly double its spring forecast of 0.9 percent.
Growth is expected to moderate next year to 1.5 percent on the back of waning global growth and the impact of austerity measures being pursued across the eurozone. However, it is expected to pick up again in 2012 to 1.8 percent as the private sector starts to take up the slack from the public sector's retrenchment.
The slowdown next year will be most marked in Germany, Europe's biggest economy. Though growth is set to slow from this year's stunning 3.7 percent, it will remain at an above-average 2.2 percent.
France, Europe's second-largest economy is expected to grow by 1.6 percent this year and next.
Though Germany and France will continue to post solid growth, the countries with the biggest debt difficulties will continue to underperform as their governments rein in spending and raise taxes.
Portugal - widely-considered to be the next most vulnerable eurozone economy following Greece and Ireland - is expected to fall back into recession next year, shrinking by 1 percent following 2010 growth of 1.3 percent.
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