24 January 2001, 13:22 Euro zone growth to slow more sharply than expected - 7 Euroframe institutes
FRANKFURT (AFX) - The anticipated slowdown in euro zone growth will
be sharper this year than the EU Commission and the ECB are
forecasting, the Financial Times Deutschland reported, quoting the
first joint report of the "Euroframe" economic institutes.
FT Deutschland said that it had obtained a copy of the report in
which the seven Euroframe institutes forecast growth of just 2.8 pct
this year and 2.7 pct in 2002.
That would represent a substantial slowdown from estimated growth
of 3.4 pct last year, the institutes said.
"Our forecasts are 0.3 percentage points lower than the projections
of the Commission and the European Central Bank," FT Deutschland quoted
the report as saying.
Nevertheless, the euro zone economy will still put in a better
performance than the U.S. economy, where growth will dwindle to just
2.6 pct this year from an estimated 5.1 pct in 2001, the institutes
noted.
The seven "Euroframe" institutes are the German institutes DIW and
IW, Wifo in Austria, Etla in Finland, OFCE in France, Prometeia in
Italy and NIESR in Britain.
Their report was scheduled to be presented at a hearing of the
economic committee of the European Parliament in Brussels later today.
ECB chief economist Otmar Issing was also scheduled to attend the
hearing.
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