International Monetary Fund (IMF) Projects the European Union (EU) will Remain in Recession in 2013

by Colonel on January 24, 2013

“The eurozone will stay in recession in 2013 with the currency area’s economy contracting by 0.2 percent, the International Monetary Fund predicts.

“The euro area continues to pose a large downside risk to the global outlook,” the Washington-based crisis lender said in a quarterly update of its World Economic Outlook on Wednesday.

“In particular, risks of prolonged stagnation in the euro area as a whole will rise if the momentum for reform is not maintained.”

Euro area bailout recipients Greece, Portugal and Ireland, as well as struggling economies including Spain and Italy, where governments are trying to fix large budget deficits, must continue to push through both fiscal and structural reforms. …

The weaker economies on the eurozone periphery “must be supported by the centre” through the European Union’s firewalls along with continued steps toward full banking union and budget integration. …

” — Copyright 2013 Al Jazeera

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