European Economy: Nowotny Demonstrates Pessimism

People ♦ Published: February 15, 2013; 19:04 ♦ (Vindobona)

This year, the economy of the Eurozone will shrink, the governor of Austrian National Bank says. Austria suffers from a weak domestic consumption, Nowotny explains.

European Economy: Nowotny Demonstrates Pessimism / Picture: © Agenda Austria 2020

According to Ewald Nowotny, the Eurozone will not leave the recession behind in 2013. In an interview with “Vorarlberger Nachrichten”, Nowotny said that the negative development will continue. He expects a growth rate of 0.3% this year.

“But also in Austria, this year will prove difficult. This is due to the fact that the domestic consumption weakens. Like in Germany, the…