No EU recovery until mid-2010
Europe's economy will not start recovering until the second half of next year, the European Commission said yesterday (4 May), cutting forecasts made little more than three months ago in a sign of the depth of the recession
Last week, the European Restructuring Monitor (ERM), published by Eurofound, found that job losses had outnumbered job creation by almost three to one. 220,000 job losses were recorded by the ERM – the highest since it began to collect statistics in 2002 – with just 90,000 jobs created.
Despite what it called positive signals, the EU executive said the euro currency zone's economy would shrink 4.0 percent this year and 0.1 percent next year, with its overall public deficit tripling by 2010 to 6.5 percent of GDP.
