The Eurozone Has Growth Forecasts Slashed by the OECD
Synopsis
Germany and Italy come under attack from the recent downgrade in economic activity announced by the OECD.
Germany and Italy come under attack as part of the economic growth downgrade announced by the Organisation for Economic Co-operation and Development (OECD). Just when Europe could do with a bone Eurozone GDP growth for 2019 was revised to 1% and 1.2% in 2020, down 0.8% and 0.4% respectively since November 2018.
Germany reeling off the back of poor export data has their GDP growth forecast set to only 0.7% and 1.1% for 2020.
Italy on the other hand, after fisticuffs over spending plans with Brussels, potential nationalisation of gold and a current unorthodox political leadership is apparently heading for recession.
There will be a global effect to an EU slowdown and the ongoing Sino-American trade war, Brexit and transatlantic differences doesn’t put any light at the end of the tunnel.
A recent stimulus package announced to boost the economy adds more concerns and has investors rushing for safe havens as economic headwinds are predicted for the months to come.
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