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European recession slowing global

“Our forecast shows that the economic outlook has weakened significantly since last spring,” Mr Padoan said. “The slowdown will persist if leaders fail to address the main cause of this deterioration, which is the continuing crisis in the euro area.” The OECD projects that the euro area’s three largest economies – Germany, France and Italy – will shrink at an annualised rate of 1 percent on average during the third quarter and at 0.7 percent in the fourth. Seen individually, the German economy is expected to contract at an annualized rate of 0.5 percent in the third quarter and at 0.8 percent ...

 

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