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EU sees economy shrinking 2% in 2009: paper

EU sees economy shrinking 2% in 2009: paper
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First Published: Mon, Jan 19 2009. 11 21 AM IST
Updated: Mon, Jan 19 2009. 11 21 AM IST
Berlin: The European Commission will on Monday forecast the economy of the 27-member European Union will contract by 2% this year, a German newspaper reported.
The daily Die Welt quoted “informed sources” as saying the Commission would cut the forecasts it made in November.
Economic and Monetary Affairs Commissioner Joaquin Almunia is due to present new estimates on Monday.
In November, the Commission forecast economic growth of 0.2% for the EU this year and 0.1% growth for the euro zone.
Since then, however, Almunia has said the euro zone is likely to be in recession in 2009.
The European Central Bank cut rates by half a percentage point last week to 2% in response to the deepening euro zone recession and governments have launched stimulus packages worth billions of euros to offset the crisis.
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First Published: Mon, Jan 19 2009. 11 21 AM IST
More Topics: Europe | Economy | EU | Recession | Growth |