Eurozone 8216 still mired in recession 8217

The eurozone’s economic situation remains bleak.


Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst

The eurozone is still mired in recession with no end in sight to the sovereign debt crisis.

This is the view of Schroders' European economist Azad Zangana, who commented on European austerity and the recovery delay in the latest Economic and Strategy Viewpoint.

He stated policy makers all over the continent are being pushed into taking action following the release of data showing the eurozone has gone through its sixth consecutive quarter of negative growth.

"Schroders' forecast for Eurozone growth has been nudged down on the back of continued weakness in leading indicators," said Mr Zangana, who added his company has revised its growth forecasts upwards of late on the back of a stronger than expected end to the first quarter of 2013.

It was confirmed earlier in the week that Latvia is set to become the newest member of the eurozone next year and the Baltic state is also going to be adopting the single currency.

EU economic and monetary affairs commissioner Olli Rehn said Latvia's keenness to sign up to the euro was a good sign for the eurozone.

Learn about the sterling and forex trading at City Index

Related tags:

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar