The European Commission has predicted that economic growth in the eurozone will come “to a virtual standstill” in the second half of 2011.
It halved its forecast for July to September to growth of just 0.2%, while the forecast for the last three months of the year is down from 0.4% to 0.1%.
The commission blamed financial market problems over the summer as well as weakening demand from outside Europe.
But it remained confident that there would not be a return to recession.
“Recoveries from financial crises are often slow and bumpy. Moreover, the EU economy is affected by a more difficult external environment, while domestic demand remains subdued,” EU Economic Affairs Commissioner Olli Rehn said at a news conference to unveil the report.
“The sovereign debt crisis has worsened, and the financial market turmoil is set to dampen the real economy.”
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Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
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