Press Release No.11/357
October 5, 2011
Implementation of comprehensive and bold policy action will help restore Europe’s recovery, the International Monetary Fund (IMF) said today in its latest Regional Economic Outlook (REO) for Europe: Navigating Stormy Waters. Growth in Europe has slowed significantly, as a result of global shocks, and of the escalation of the euro area sovereign debt crisis, which has shaken confidence and curbed domestic demand.
The REO projects that growth for all of Europe will slow from 2.3 percent in 2011 to 1.8 percent in 2012. Downside risks to growth are significant. Most importantly, the projections are predicated on the assumption that strong action is taken to contain the current crisis.
“While many important steps have been taken by the European leaders, it is now necessary to deploy quickly the new crisis management tools agreed upon at the July 21 European Summit and come together around a cooperative plan to deal with the various components of the current crisis. This is much needed to restore confidence of consumers, markets, and investors,” Antonio Borges, Director of the IMF’s European Department, said.
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