KyivPost

OECD: Recession 'taking hold' in eurozone

Print version
Sept. 6, 2012, 12:42 p.m. | World — by Associated Press

A woman sleeps in front of a closed shop window in Rome, Thursday, Aug. 16, 2012. Europe is edging closer to recession, dragged down by the crippling debt problems of the 17 countries that use the euro. Eurostat, Europe's statistics agency, revealed that the economies of both the eurozone and the European Union, which has 27 countries, shrank by a quarterly rate of 0.2 percent in the second quarter of the year.
© AP

Associated Press

Associated Press

PARIS — The Organization for Economic Cooperation and Development says global growth is being dragged down by the economic problems of the 17 countries that use the euro, where a recession is "taking hold." 

An interim report from the OECD released Thursday predicts that even the eurozone's powerhouse, Germany, could to slip into recession by the end of the year.

In May, the OECD said that the 17-country eurozone could contract by as much as 2 percent this year. Thursday's assessment didn't offer a comparable prediction. Instead, the report predicts the three largest euro economies — Germany, France and Italy — will shrink by 0.2 percent this year.

Chief economist Pier Carlo Padoan said he was waiting "anxiously" for details on the European Central Bank's plan due later Thursday on buying government bonds to help alleviate the crisis. 

The Kyiv Post is disabling its online comment section due to an increase in trolls, violent comments and other personal attacks. Other news organizations worldwide have taken similar steps for the same reasons. The Kyiv Post regrets having to take this action. The newspaper believes in a robust public debate, but the discussion must be constructive and intelligent. For the time being, the Kyiv Post will allow comments on its moderated Facebook group https://www.facebook.com/groups/kyivpost/. The newspaper will consider hosting online comments again when circumstances allow. Thank you from the Kyiv Post.

KyivPost

© 1995–2015 Public Media

Web links to Kyiv Post material are allowed provided that they contain a URL hyperlink to the www.kyivpost.com material and a maximum 500-character extract of the story. Otherwise, all materials contained on this site are protected by copyright law and may not be reproduced without the prior written permission of Public Media at news@kyivpost.com
All information of the Interfax-Ukraine news agency placed on this web site is designed for internal use only. Its reproduction or distribution in any form is prohibited without a written permission of Interfax-Ukraine.