EUROFRAME - European Forecasting Network. Economic Assessment of the Euro Area: Forecasts and Policy Analysis Spring Report 2005. Special Policy Issue: When Jobs Disappear and Workers Do Not, International Relocation of Production and the European Economy. March 2005

Author, No (2005) EUROFRAME - European Forecasting Network. Economic Assessment of the Euro Area: Forecasts and Policy Analysis Spring Report 2005. Special Policy Issue: When Jobs Disappear and Workers Do Not, International Relocation of Production and the European Economy. March 2005. UNSPECIFIED.

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Abstract

European Forecasting Network predicts that the Euro Area economy will experience a modest rate of output growth in 2005 with a gradual pick-up in activity by the second half of the year and into 2006. Our forecast for output growth in real GDP terms is 1.5 per cent in 2005 followed by a rise to 2.0 per cent in 2006. The Euro Area is experiencing a faltering recovery back towards rates that are more in line with its estimated potential after almost a half-decade of underachievement. The performance of the Euro Area continues to lag behind that predicted for US economic growth over the next two years. The ambition, retained within the refocused Lisbon Agenda, to make the European Union the most dynamic and competitive economy in the world remains a formidable challenge, though a clearer emphasis upon economic growth is an important restarting point.

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