Eurozone Contraction In 2012 To Be Worse Than Thought
Taiwan Sun
Monday 12th December, 2011
• Eurozone to contract by 1.5% in 2012, bank predicts
• Standard Chartered says “triple shock” will undermine economy
• Asia to see lower growth, but will drive global recovery
Analysts at Standard Chartered had previously predicted growth of 0.6% in the UK economy.
While it expects European economies to contract, the bank predicted the world economy as a whole would grow by 2.2% next year.
Standard Chartered said Asia would drive the global economies recovery, despite a predicted slowdown in growth from 7.3% in 2011 to 6.5% in 2012.
“It will be a recovery made in the East and felt in the West. If ever one needed to illustrate the shift in the balance of power, this is it,” said chief economist Gerard Lyons.
Standard Chartered economist Thomas Costerg said Europe’s economy would suffer a triple shock; consumers and businesses will lose confidence and spend less, banks will tighten credit and national governments are being forced to cut budgets.
The result of this triple shock will be a recession throughout Europe.
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Filed under: EU ZONE Tagged: http://story.taiwansun.com/index.php/ct/9/cid/b8de8e630faf3631/id/201784616/cs/1/ht/Eurozonecontractionin2012tobeworsethanthought/, http://www.colonel6.com/iEurozonecontraction-in-2012-to-be-worse.html
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