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Draghi upbeat on Eurozone recovery

Draghi upbeat on Eurozone recovery

2 October,, Lagos – In a recent statement of the European Central Bank President Mario Draghi, on the state of the Eurozone economy, he has said that it is gradually getting back to strength. Following a relegation of the region from making major contributions to the global expansion in the past seven or eight years.

Draghi stated further: “The progress achieved over the past three years to stabilize and strengthen the euro area is real. Growth is returning. The way forward is well identified. And we will not rest until our monetary union is complete.

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This statement comes on the back of reports that the recovery of the Eurozone is not as forceful as everyone has predicted. Backed by data that has been released by Eurostat, indicating in its publication that Europe’s economy only grew by 0.4% in the first quarter of 2015. In comparison to the forecasted percentage of 0.5 for Q1, the actual growth fell short against the high forecasts.

Eurozone recovery

It comes as a surprise that the Eurozone recovery is weaker than forecasted. Especially, after several indicators have displayed great expectations on its economic growth. Most significantly is Eurozone’s industrial production, which smashed its forecast back in February, being recorded as doubling the expected figures.

Aside this fact, another motive for a strong Eurozone recovery was displayed back in April with forecasts showing that the GDP growth of the Eurozone will be faster than that of US or UK, ever since 2011. However, this turned out to be a deception, instead of reality.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ, nor should they be attributed to AtoZMarkets.

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