ECB survey: Eurozone Recession Twice as Bad as Thought

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(CC) Andres Rueda/Flickr

(CC) Andres Rueda/Flickr

According to the survey of forecasting experts published by the European Central Bank, the eurozone economy will contract twice as much as previously expected this year. The projections showed that output is likely to shrink by 3.4 percent in 2009, compared to the 1.7 percent forecast in February.

The ECB surveyed 52 forecasting experts from around Europe to develop the study, which was published in its monthly bulletin.

 Read the results of the survey online.