Almunia: European Union heading towards end of recession

The economies of EU members states are starting to come out of the recession, the development being in line with the estimates that point to a return of economic growth at the start of 2010, Joaquin Almunia, the European Commissioner for Economic and Monetary Affairs, stated recently, ‘Ziua’ daily informs. ‘We are heading towards the end of the recession,’ the European official stated during a conference. The Commissioner opined that the market’s optimism is justified and that the economic growth’s slowing down cycle has become more controlled. In mid-May Almunia had stated that the EU economy had shown the first positive signs in the context of the severest crisis since the foundation of the group 50 years ago, but that there are no indicators of a return to economic growth.

The global crisis will have different effects on the world’s economies, an study conducted by the X-Trade Brokers shows, a press release informs. Thus, in 2009 Asia will register an economic reinvigoration. In Western Europe Great Britain has the first chance to recover, while in Central and Eastern Europe the 0.8 per cent growth registered by Poland gives the region’s largest economy the chance to recover first.

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