Eurozone economy to shrink 1.9% this year

Europe’s economy will start to emerge from recession in the second half of 2009, provided that financial markets stabilise and governments rapidly implement their fiscal stimulus plans, the European Commission predicted on the 19 January 2009. In its Interim Economic Forecast, the European Commission said gross domestic product in the 16-nation eurozone would shrink by 1.9 per cent this year before recording modest growth of 0.4 per cent in 2010.

EurActiv, 20.1.09: Commission predicts deeper downturn in 2009 http://www.euractiv.com/euro-finance/commission-predicts-deeper-downt-news-221094

European Commission: Press Release: IP/09/67: Interim forecasts for 2009-2010: slowdown sharpens but growth will come back before the end of 2009 http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/67&format=PDF&aged=0&language=EN&guiLanguage=en

BBC News, 19.1.09: Eurozone economy 'to shrink 1.9%' http://news.bbc.co.uk/1/hi/business/7837286.stm

Deutsche Welle, 19.1.09: Brussels Paints Dark Picture of EU Economy in 2009 http://www.dw-world.de/dw/article/0,,3956983,00.html

France24, 19.1.09: Brussels warns of a shrinking economy, rising unemployment http://www.france24.com/en/20090119-european-commission-forecast-unemployment-rise-recession-negative-growth-eurozone

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