| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
Japan and All of Europe may already be in recession
From
Japan's economy shrank 0.9 percent in the three months to September, marking the first contraction in three quarters, adding to signs that slowing global growth and tensions with China are nudging the world's third-largest economy into recession.
The fall in GDP, which matched a median market forecast, translated into an annualized 3.5 percent fall.
Toronto Globe and Mail – The European Commission has removed all the growth from it latest 2012 economic forecast for the entire European Union, although it has stopped short of predicting a formal recession. The EU’s executive arm now expects the entire 27-country bloc to post a decline in GDP this year of 0.3 per cent, compared with its previous projection of no growth or contraction. Within that group, the 17-member euro zone is forecast to shrink by 0.4 per cent, the first annual decline for the region since the sovereign debt crisis began driving peripheral economies off the rails in 2010.
The commission said the eurozone as a whole would contract by 0.4% this year and grow by 0.1% in 2013. It cut its forecasts for the single currency's “big four” economies – Germany, France, Italy and Spain – as it predicted that unemployment would rise to a fresh peak of 11.8% next year.
The commission expressed confidence that by 2014 the benefits of the austerity programmes would bear fruit, leading to expansion of 1.4%.
Although the UK is expected to grow by just 0.9% next year, Brussels believes it will expand more quickly than any of the major economies of the eurozone. The commission has pencilled in growth of 0.8% for Germany, 0.4% for France, a contraction of 0.5% for Italy and a retrenchment of 1.4% for Spain.
See more and subscribe to NextBigFuture at 2012-11-12 05:01:52 Source: http://nextbigfuture.com/2012/11/japan-and-all-of-europe-may-already-be.html
Source:
