Monday, December 31, 2012

2013 - no reason for optimism

This positive feeling for 2013 may be misplaced - Telegraph: "Contractionary policies across the eurozone make continued recession in the region for at least the next year a virtual certainty. While the periphery struggles under the cosh to make itself more competitive, France seems to have adopted the opposite strategy of making itself less so, incubating an even more calamitous crisis further down the road. So, although the eurozone is once again likely to see out the next year in its present, 17-nation form, it’s unlikely to be a happier experience. Austerity Europe has quite a number of years yet to run. I dwell unduly on the outlook for the eurozone because, regrettably, it is likely to remain the big negative for the UK economy over the coming year."

Hardly a recipe for optimism.

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