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Zone euro : après l’enfer, le purgatoire : Perspectives 2009-2010 pour l'économie européenne

Abstract : After four quarters of strong fall, GDP declined by "only" 0,1 % in the second quarter of 2009, showing the first sign of stabilization since the beginning of the crisis. The recession is due to both a decline of internal demand (mainly private consumption and productive investment) and of exports. The unemployment rate increased by more than two points, reaching 9,3 % in the second quarter of 2009. Quarterly growth should turn positive in the third quarter of 2009, thanks to a rebound of investment and a positive contribution of inventories. But as private agents would keep lowering their indebtedness, this would hamper the growth of private demand. With GDP growing only by 0,8 % in 2010, the standard of living per capita would remain largely below the pre-crisis level.
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Submitted on : Thursday, March 10, 2022 - 2:34:09 PM
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Céline Antonin, Christophe Blot, Paola Veroni, Sabine Le Bayon. Zone euro : après l’enfer, le purgatoire : Perspectives 2009-2010 pour l'économie européenne. Revue de l'OFCE, Presses de Sciences Po, 2009, pp.157 - 171. ⟨10.3917/reof.111.0157⟩. ⟨hal-03604475⟩

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