American bank significantly reduces GDP forecasts in Euro-zone
Azerbaijan, Baku, March 19 / Trend , corr. A.Badalova /
As a result of disappointing macroeconomic data, the American investment bank Morgan Stanley sharply lowered its forecasts on the increase of the GDP in the Euro-zone in 2009. According to new forecasts, the GDP of the Euro-zone this year will decline 3.3 percent compared with 1.6 percent, forecasted by the bank earlier.
The report by Morgan Stanley placed on the official site of the bank says that this envisages significant reduction in the business activity in the region, which has not been recorded since the World War II.
According to the new forecasts of the bank, in 2010 the GDP of Euro-zone will decline 0.5 percent. Formerly the reduction was forecasted at 1.1 percent.
"2010 can be the year of moderated activity," Jean-Claude Trichet, President of the European Central Bank, said in his interview with the French radio station Europe1. According to him, 2009 will be the most difficult year for the world markets.Do you have feedback? Contact our journalist at: [email protected]