Growth in the EU is “coming to a virtual standstill”

“Growth in the second half of 2011 is now expected to be subdued, coming to a virtual standstill towards the end of the year.” So says a new Interim Forecast produced by the European Commission today. The Commission noted that GDP grew strongly in the first quarter of 2011, but slowed down substantially in the second, and pointed out the … Continue reading

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Growth continues to slow in major economies

Gross domestic product (GDP) in the OECD area slowed to 0.2% in the second quarter of 2011, down from 0.3% in the previous quarter. This is the fourth consecutive quarter of slower growth. The slowdown was particularly marked in the Euro area and the European Union, where growth slowed to 0.2% compared to 0.8% in the previous quarter. Significant falls … Continue reading

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Pushing us towards the death spiral

Yesterday the government announced that it was making initial cuts in public spending of £6.2bn largely by cutting what the Chancellor, George Osborne, called “wasteful spending.” These include cuts in consultancy, travel costs and cutbacks in various departments.  But this isn’t the whole picture on government spending reductions as we still have an emergency Budget to come on 22nd June. … Continue reading

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