The Eurozone Has Growth Forecasts Slashed by the OECD
Germany and Italy come under attack as part of the economic growth downgrade announced by the Organisation for Economic Co-operation and Development (OECD). Just when Europe could do with a bone Eurozone GDP growth for 2019 was revised to 1% and 1.2% in 2020, down 0.8% and 0.4% respectively since November 2018.
Germany reeling off the back of poor export data has their GDP growth forecast set to only 0.7% and 1.1% for 2020.
Italy on the other hand, after fisticuffs over spending plans with Brussels, potential nationalisation of gold and a current unorthodox political leadership is apparently heading for recession.
There will be a global effect to an EU slowdown and the ongoing Sino-American trade war, Brexit and transatlantic differences doesn’t put any light at the end of the tunnel.
A recent stimulus package announced to boost the economy adds more concerns and has investors rushing for safe havens as economic headwinds are predicted for the months to come.
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