I think it’s high time for European bureaucrats to take a deep, passionate look into the euro zone countries realities and thoroughly review their economic strategies. In its 2012 forecast report about growth within the EZ, the European Commission announced the griming predictions for the EZ in general and the European South in particular.
Gross domestic product in the 17-nation euro area will drop 0.3 percent, the European Commission said today, reiterating a February forecast.
Greece will have the deepest contraction, with GDP declining 4.7 percent this year.
Economies of Spain and Italy are seen shrinking 1.8 percent and 1.4 percent.
Portugal’s GDP will drop 3.3 percent, it said.
In 2013, the euro-region economy may expand 1 percent. (Further Reading Bloomberg, Guardian )
I do not know what were the EC forecasts for Spain, Italy and Portugal, but for Greece were: -2.18% recession for 2012 and 2% growth for 2013. Now the figures predict: -4.7% recession for 2012 and 0% growth for 2013. Last February EC predicted -4.3% for 2012.
EC should either revise policies or get brand new calculators and reading glasses or hire a serious astrologist.
