EU sees deeper recession | Bangkok Post: news

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EU sees deeper recession

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BRUSSELS - Recession in the crisis-hit eurozone will be deeper than expected for the rest of the year, hitting even Europe's biggest economies and leaving unemployment at record levels, the EU warned on Friday. 

Though signs of recovery could emerge in 2014, four of the eurozone's biggest economies -- France, Italy, Spain and the Netherlands -- will see negative growth, the European Commission said in its spring forecast.

Economic output in the 17-nation area -- home to 340 million people and a global rival to the United States, Japan and emerging giants -- will shrink by 0.4% this year, worse than the 0.3% forecast in February and after a 0.6% contraction last year.

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