EU: Crisis Not Over Yet

Europe’s crisis is not over yet and unemployment will stay at record levels above 12% until 2015, the European Union said Tuesday.

The eurozone emerged from a recession lasting six quarters earlier this year but has struggled to gain momentum since. The culprits: weak domestic demand and a more challenging environment for exporters.  Gross domestic product across the 17-nation region will shrink by 0.4% in 2013, after contracting by 0.6% in 2012.

“The recovery is expected to continue, and to gather some speed next year. However, it is too early to declare the crisis over,” the European Commission said in its semi-annual economic forecast.


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