The European Commission got it wrong. After first predicting the economy for the eurozone would grow slightly in the coming months, members now say wait a minute, the economy will actually shrink.
Previous estimates were for overall gross domestic product gains of 0.1 percent for 2013, the BBC reports.
This latest projection is more in line with assessments from other sources. The International Monetary Fund in January said the eurozone would drop into a mild recession this year, BBC says. That’s after initial IMF predictions were for a healthier economy throughout 2013. And the World Bank said similarly — after revising its earlier and more optimistic projections for the Eurozone.
Last to hold on to high economic hopes for the eurzone is European Central Bank President Mario Draghi. He still believes the region will see economic recovery, beginning this summer, BBC reports.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
Cheryl Chumley is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She’s also a 2008-2009 Robert Novak journalism fellow with The Phillips Foundation. She can be reached at firstname.lastname@example.org.
By Andrew P. Napolitano
The president's men trash the Constitution to pursue antagonists
Independent voices from the TWT Communities
Benghazi: The anatomy of a scandal
Vietnam Memorial adds four names
Cinco de Mayo on the Mall
NRA kicks off annual convention