Europe on the Downslide
Posted on May 4, 2009
Well, it’s official: The European economy is in gloomier territory than previously believed. EU Economic and Monetary Affairs Commissioner Joaquin Almunia announced Monday that member economies will shrink by 4% this year, likely taking a further plunge of 0.1% in 2010.
Meanwhile, unemployment is expected to jump to 10.9% in 2010, with some countries hit harder than others: Germany, Ireland and Latvia, good luck y’all!
“The European economy is in the midst of its deepest and most widespread recession in the post-war era,” said E.U. Economic and Monetary Affairs Commissioner, Joaquin Almunia.
“But the ambitious measures taken by governments and central banks in these exceptional circumstances are expected to put a floor under the fall in economic activity this year and enable a recovery next year.”
AP photo / Yves Logghe
EU Economic and Monetary Affairs Commissioner Joaquin Almunia delivers his gloomy forecast on Monday.