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ORIGINAL FRENCH ARTICLE: zone euro « sans croissance »

Eurozone “Without Growth”

Translated Monday 28 May 2012, by Holden Ferry and reviewed by Derek Hanson

While global economic growth is expected to reach 3.4% this year, growth in the Eurozone will be weaker than expected: the Organization for Economic Co-operation and Development (OECD), which published its latest forecast yesterday, expects a slight decrease of 0.1%, whereas it had predicted an increase of 0.2% as of last November. The Eurozone crisis “is still the greatest source of risk for the world economy,” writes the OECD, which nevertheless expects growth to pick up again in the Eurozone at a rate of 0.9% in 2013. Global growth will likely reach 4.2% in 2013. France, the second biggest economy in the Eurozone after Germany, is likely to perform better than expected this year. Its growth rate for 2012 has been revised up to 0.6%, slightly higher than the new president’s forecast of 0.5%. But Spain, Italy, Portugal, and Greece will remain in the red in 2012 and 2013, whereas last November the OECD had predicted that those four countries would be posting positive growth figures as early as next year.

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