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MENAFN - Kuwait News Agency (KUNA) - 28/11/2012

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(MENAFN - Kuwait News Agency (KUNA)) The 17-member eurozone could face a second year of recession with negative growth of minus 0.3% and a new surge in unemployment next year if governments continue to pursue the current path of austerity, a new report has warned.

The report titled the Independent Annual Growth Survey was commissioned by the Group of Socialists and Democrats in the European Parliament.

It is prepared by three major economic institutes: the French Economic Observatory, OFCE (Paris); the Institute for Macro-Economy IMK (Dusseldorf, Germany) and the Economic Council of the Labour Movement ECLM (Copenhagen, Denmark).

The report argues that the 'moderate growth' of 0.1% for 2013 forecast by the European Commission in the autumn will not be achieved. It says that the European Commission's predictions underestimate the negative impact of further austerity measures on economic growth.

 






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