Eurozone Growth Set To Remain Weak In 2011: Commerzbank
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Subject: Eurozone Growth Set To Remain Weak In 2011: Commerzbank Sat May 28, 2011 3:06 pm
Eurozone Growth Set To Remain Weak In 2011: Commerzbank
[center]Eurozone Growth Set To Remain Weak In 2011: Commerzbank The faster-than-expected drop in Eurozone's economic sentiment in April indicates that the region's economic Growth will slow significantly in the remainder of 2011, Commerzbank economist Christoph Weil said in a research note released Friday.
The continuous weakening of economic sentiment, which has deteriorated for a third time in a row despite a strong start in the beginning of the year, is set to dampen the Euro area's Growth prospects, the economist said.
The Eurozone GDP is expected to drop significantly in the second quarter from the first quarter, as the economic sentiment index normally tends to have a strong correlation with the GDP.
The European Central Bank has started normalizing interest rates against the backdrop of the dim economic outlook for the region and mixed cues from the global economy, Weil said.
According to the economist, effects of the Japan catastrophe and the unrest in the Arab world have aggravated the deterioration of Eurozone's economic sentiment.
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Eurozone Growth Set To Remain Weak In 2011: Commerzbank