Posted on 05/04/2009 9:09:36 AM PDT by Steelfish
E.U. Says Europe Faces Deep Recession
MATTHEW SALTMARSH May 4, 2009
PARIS — The European Commission on Monday revised lower its forecast for growth in the European Union this year as consumers react to the weakening labor market and amid a slump in world trade and an ongoing housing market correction.
EU Commissioner for Economy and Monetary Affairs Joaquin Almunia addressed the media at the European Commission headquarters in Brussels on Monday.
The commission, the executive arm of the E.U., forecast in its spring quarterly economic forecasts that gross domestic product in both the European Union and the euro area would contract by 4 percent this year and then by 0.1 percent next year.
In its last report, the executive forecast an EU contraction this year of 1.8 percent and positive growth next year of 0.5 percent.
(Excerpt) Read more at nytimes.com ...
...and successful Islamic “invasion” via secular policies and suicidal immigration policies.
Sounds to me they are getting what they wished for. They wished the US would go down, and they will follow.
Time for the EU to shake-down more USA companies.
The economic downturn in Europe will be twice as deep as previously forecast with unemployment reaching over 11 per cent, according to figures from the European Commission.
By Nic Fildes
The Telegraph (UK)
Last Updated: 1:00PM BST 04 May 2009
The EC's analysts warned that the 16 euro-zone economies will shrink 4 per cent this year, a contraction that is double the level it estimated only four months ago.
Unemployment is expected to soar to 11.5 per cent by the end of next year. The commission has forecast that 8.5 million jobs will be lost across the 16 euro-zone countries by the end of 2010 with Ireland and Spain expected to record the highest rates of unemployment. The spike in unemployment all but wipes out the gains made between 2006 and 2008 when 9.5 million jobs were created.
However, it has expressed confidence that the end of the worst recession since the Second World War is near.
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