Eurozone Remains in Recession
– Real GDP in the Eurozone fell for the sixth consecutive quarter in Q1-2013, and some large economies, notably, Spain and Italy, continue to contract at an alarming rate. Indeed, the Italian economy today is 9 percent smaller than it was five years ago.
– Unfortunately, there are no “silver bullets” to restore strong economic growth in Europe in the foreseeable future. We are hopeful that Eurozone real GDP growth will turn positive in the second half of 2013, but acknowledge that the risks are skewed to the downside.
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Wells Fargo