EU economic recovery will be ‘gradual’
The European Commission has predicted a ‘gradual’ recovery for Eurozone countries over 2010 and 2011. Its autumn economic forecast stated: “A gradual recovery is expected with gross domestic product forecast to grow by 0.7 percent in 2010 and around 1.5 percent in 2011.”
This compares well to their earlier forecast of a 0.1 percent fall in gross domestic product in 2010.
However, it warned that unemployment would remain high, lurking at 10.7 percent in 2010 and rising to 10.9 percent in 2011 in the 16 nations using the euro currency.
EU commissioner for Economic and Monetary Affairs Joaquin Almunia confirmed that the EU economy is coming out of recession but “the road ahead is a challenging one,” he admitted.
“To maintain momentum and support the sustainability of the recovery, it is essential that we fully implement all announced measures and complete the repair of the banking sector.”
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