Monexnews-European zone's economy will shrink for the second year by 2013, driven by high rates of unemployment as the Government, consumers and companies are limiting its expenditure, said the European Commission.
The GDP of the 17-country European zone will go down by as much as 0.3 percent this year, worse than its previous forecast in November that said it would grow by 0.1 percent, said the European Commission on this day. The unemployment rate surged to 12.2 percent will, up from the previous estimate of 11.8 percent and the previous year at 11.4 percent, they said.
"The labour market is a serious problem", said Marco Buti, head of the Ministry's Economic Commission in his statement. " It has serious social consequences and it will happen, if the unemployment rate became entrenched problems, because it can also overload the perspective of growth in the future. "
The European zone of helplessness due to fragile public finances and banking rentannya, said Buti. Weak economy as opposed to recovering financial markets, along with the States, banks and households continue to improve their balance sheets and suspended new requests.
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