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Europe faces deep recession in 2009, Brussels says

Business Materials 19 January 2009 14:04 (UTC +04:00)

The eurozone economy will plunge deep into recession this year, shrinking by 1.9 percentage points, the European Union's executive said in its latest forecast Monday.

The economy of the 27-member EU is set to contract by 1.8 points, the European Commission said. The EU's four biggest economies - Germany, France, Italy and Britain - all face a severe recession, with economic activity slumping by between 1.8 and 2.8 points.

Economic activity should begin to pick up in the second half of 2009, and return to modest growth in 2010, the forecast said, reported dpa.

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