ECONOMY: ALMUNIA (EU), "GRADUAL RECOVERY". BUT UNEMPLOYMENT AND STATE DEFICITS ARE ON THE RISE

"The economy of the European Union is getting out of the crisis, especially through the ambitious measures taken by the governments, the central banks and the EU". Joaquin Almunia, commissioner for monetary affairs, illustrates the Autumn Economic Forecasts drawn up by the Executive’s experts. According to such figures, the EU "will get out of the crisis in the second half of this year, although the GDP is expected to drop by about 4% overall for 2009". Brussels expects a "gradual recovery", and Gross Domestic Product forecasts seem to be bullish: three quarters of a percent point in 2010, then up to +1.5% in 2011. The improvements of the financial markets and the injections of public money into the economic systems seem to have improved the situation. However, Almunia does not hide that there are problems with consumption, investments and above all the unemployment rate, which is already at record-breaking heights, and will keep growing, reaching 10.25% in the 27-EU. "State deficits too will increase to 7.5% of the GDP in 2010, then they will slightly decrease in 2011, when the economy will recover and temporary measures will be gradually dismissed". (continued)

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