dimanche 19 avril 2015
Eurozone Economy Showing Clear Signs of Improvement, Says ECB’s Nowotny
Posted on 11:37 by nice news
The European economy is poised to contribute to the global economic recovery after years of languishing through stagnation and recession, Austria’s central bank Governor Ewald Nowotny signaled in an interview, as the region reaps the benefit of lower oil prices, a weaker exchange rate and stepped up investment.
“There clearly is a feeling of improvement particularly for industrial countries,” Mr. Nowotny said in an interview with The Wall Street Journal during meetings of the International Monetary Fund. “Europe has the potential to be a growth engine.”
The comments by Mr. Nowotny, who is a member of the European Central Bank’s governing council, underscore the upbeat message conveyed by ECB officials during the weekend meetings of global finance leaders.
“The economic situation and the short-term outlook for the euro area are currently brighter than they have been for several years,” ECB President Mario Draghi said Friday.
The eurozone’s gross domestic product expanded by 0.3% on a quarterly basis, or around 1.4% annualized, during the fourth quarter, and is expected by economists to have expanded at a stepped-up pace last quarter. In March, the ECB raised its GDP forecasts for this year and next and projected 2.1% growth in 2017, the first time in a decade that the ECB forecasted growth above 2%.
The IMF also raised its GDP forecasts for the eurozone, though it isn’t as optimistic as the ECB.
Having double-barreled growth from the U.S. and eurozone—the world’s two largest economies—would give a significant boost to the global economy and offset weaker growth in China and deeper problems in Russia and Brazil. The U.S. and eurozone combined for 40% of global GDP in 2014, according to IMF data. Yet these economies haven’t posted growth above 2.5% at the same time since 2006, and Europe last year barely escaped
“There clearly is a feeling of improvement particularly for industrial countries,” Mr. Nowotny said in an interview with The Wall Street Journal during meetings of the International Monetary Fund. “Europe has the potential to be a growth engine.”
The comments by Mr. Nowotny, who is a member of the European Central Bank’s governing council, underscore the upbeat message conveyed by ECB officials during the weekend meetings of global finance leaders.
“The economic situation and the short-term outlook for the euro area are currently brighter than they have been for several years,” ECB President Mario Draghi said Friday.
The eurozone’s gross domestic product expanded by 0.3% on a quarterly basis, or around 1.4% annualized, during the fourth quarter, and is expected by economists to have expanded at a stepped-up pace last quarter. In March, the ECB raised its GDP forecasts for this year and next and projected 2.1% growth in 2017, the first time in a decade that the ECB forecasted growth above 2%.
The IMF also raised its GDP forecasts for the eurozone, though it isn’t as optimistic as the ECB.
Having double-barreled growth from the U.S. and eurozone—the world’s two largest economies—would give a significant boost to the global economy and offset weaker growth in China and deeper problems in Russia and Brazil. The U.S. and eurozone combined for 40% of global GDP in 2014, according to IMF data. Yet these economies haven’t posted growth above 2.5% at the same time since 2006, and Europe last year barely escaped
Eurozone Economy Showing Clear Signs of Improvement, Says ECB’s Nowotny
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