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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: mishedlo who wrote (234260)4/8/2003 6:23:43 PM
From: Haim R. Branisteanu  Read Replies (1) of 436258
 
EUR/USD

According to the latest EU Commission spring 2003 economic forecasts, the Eurozone economy is projected to grow 1.0% in 2003 and 2.3% in 2004. The report also forecasted Eurozone inflation to register a 2.1% rise in 2003 and 1.7% increase in 2004. Moreover, the growth outlook in Germany continues to look dismal, with GDP expected to show a contraction in the second quarter of 2003. The report also said the Eurozone economy could see net job losses on an annualized basis for the first time in nine years.

On the fiscal front, Germany's budget deficit is projected to rise to 3.4% of GDP in 2003 and 2.9% in 2004. Meanwhile, France's deficit is expected to swell to 3.7% in 2003 3.5% in 2004, which would constitute a breach of the 3% limit for two straight years. The EU Commission also admitted that the euro's appreciation would undermine the region's exports, though the report also noted that a strong currency would facilitate conditions for lower interest rates to stimulate the economy.
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