Recession not over yet for eurozone

A new survey released by the European Central Bank (ECB) on Thursday (14 May) suggests the euro area economy will contract by twice as much this year as previously predicted, dampening recent talk of the green shoots of recovery and an end to the recession.

Conducted among 52 forecasting experts from across Europe, the ECB survey predicts GDP growth for the 16-member area is likely to shrink by 3.4 percent in 2009, a significant deterioration on a similar February forecast of a 1.7 per...