In ENGLISH | РУС/УКР
Sign in | Register
Mobile version | Subscription | RSS Archive
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

SEE ALSO

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. 

READ MORE IN SECTION
The Kyiv Post is hosting comments to foster lively debate. Criticism is fine, but stick to the issues. Comments that include profanity or personal attacks will be removed from the site. If you think that a posted comment violates these standards, please flag it and alert us. We will take steps to block violators.
Advertising link

KyivPost

© 1995–2012 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.