ECB predicts recession in eurozone in 2013
Source: Agencies |
December 7, 2012, Friday
|
Print Edition
Print Edition
THE eurozone economy is likely to shrink next year as it has in 2012, the European Central Bank predicted yesterday, sharply cutting its outlook after holding interest rates at a record low 0.75 percent.
The ECB's new projections put gross domestic product in a range of falling by 0.9 percent to growing by just 0.3 percent next year, suggesting contraction is far more likely than not. ECB President Mario Draghi said downside risks prevailed.
In September, the ECB had penciled in a sharply higher range of -0.4 to 1.4 percent for the euro-area economy.
"Economic weakness in the eurozone is expected to extend into next year," Draghi said after the ECB's monthly policy meeting.
"Later in 2013, economic activity should gradually recover as global demand strengthens and our accommodative monetary policy stance and significantly improved financial market confidence work their way through the economy."
The ECB's new projections put gross domestic product in a range of falling by 0.9 percent to growing by just 0.3 percent next year, suggesting contraction is far more likely than not. ECB President Mario Draghi said downside risks prevailed.
In September, the ECB had penciled in a sharply higher range of -0.4 to 1.4 percent for the euro-area economy.
"Economic weakness in the eurozone is expected to extend into next year," Draghi said after the ECB's monthly policy meeting.
"Later in 2013, economic activity should gradually recover as global demand strengthens and our accommodative monetary policy stance and significantly improved financial market confidence work their way through the economy."
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