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Rising Public Debt and the Need for Fiscal Consolidation in Europe

Published online by Cambridge University Press:  26 March 2020

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Extract

The deepest, longest and most broadly-based recession the European Union has ever experienced appears to have come to an end. The third quarter of 2009 saw GDP in the EU increase by 0.3 per cent and economic activity in the Euro Area rose by 0.4 per cent. The recovery is expected to be broadly based across countries. After deep contractions registered in 2009 in all members of the EU (with the exception of Poland), all but four EU economies are expected to have recorded some growth in the second half of 2009. Greece, Ireland, Spain and Latvia suffered more than other EU economies, due to their intrinsic vulnerabilities, which reinforced the negative impact of the global shock. These economies are expected to record only moderate positive growth in 2011.

Type
The World Economy
Information
National Institute Economic Review , Volume 211 , January 2010 , pp. F27 - F37
Copyright
Copyright © 2010 National Institute of Economic and Social Research

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References

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