OECD cuts eurozone growth forecasts

On 29 May 2013 the OECD said the eurozone will shrink by 0.6% on 2013, widening the gap between it and faster-growing economies such as the US and Japan. The UK forecast was revised down to 0.8% growth this year and 1.5% in 2014.

Meanwhile, the European Commission has given France two more years to complete its austerity programme. France fell back into recession in the first three months of 2013. Spain, Poland, Portugal, the Netherlands and Slovenia have also been given more time to complete fiscal tightening.

ESO: Background Information: French economy falls back into recession http://www.europeansources.info/record/french-economy-falls-back-into-recession/

ESO: Background information: German growth too weak to lift eurozone from recession http://www.europeansources.info/record/german-growth-too-weak-to-lift-eurozone-from-recession/

OECD: Press Release: Global economy advancing but pace of recovery varies, says OECD Economic Outlook http://www.oecd.org/newsroom/global-economy-advancing-but-pace-of-recovery-varies.htm

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