While the future looks bleak for European economies in the wake of the 11 September terrorist attacks, the continent is unlikely to go into recession
Is Europe facing a recession in 2002? The short answer is no, but it will feel like one. The backdrop is not encouraging ' the world economy has been slowing ever since early 2000, with growth slipping from an unsustainable 5.2% annualised in the first quarter of 2000 to just 0.2% in the second quarter of 2001. Europe has charted the same path, with growth fading from 4% to 0.2%. Even so, there had been signs that the long slowdown was ending. Closely watched indicators of future economic activity, such as the OECD lead indicator for the world and the IFO industrial survey for German...
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