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Eurozone GDP predicted to rise
Page 49
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THE EUROPEAN Commission's spring economic forecast suggests that GDP in the Eurozone will fall by 4% in 2009, but will 'broadly stabilise' in 2010.
Global growth is expected to turn positive in the second half of 2009 and reach 2% globally in 2010.
Its predictions for the UK see GDP nudging into positive figures early next year.
Financial pundits — such as the BBC's Robert Preston (pictured right) — have suggested that banking institutions are now past the danger of collapse. This won't mean an easing of credit in the short term, but should offer greater stability.
The EC has expressed confidence in governments' fiscal stimulation measures. Here, the Bank of England's quantitative easing programme has increased by 2E0bn, which should see £125bn being pumped through the banks in June. This may finally see lending restored to acceptable levels, although the evidence on the success of quantitative easing is mixed. The Bank of England says the rate and timing of recovery is impossible to predict, but thinks there are signs that the rate of decline may be slowing.