Eurozone recession to continue: European Commission

Eurozone recession to continue: European Commission Zeebiz Bureau

Brussels: The European Commission has said the eurozone recession will persist in the year 2013 amidst reports of record joblessness and lack of bank lending, as per a news wire.

The Commission said that the eurozone will remain in its second recession since 2009 for a year longer than originally foreseen.

The 17-nation bloc's economy, which generates nearly a fifth of global output, will shrink 0.3 percent in 2013.

The Commission, the EU executive, late last year forecast 0.1 percent growth in the euro zone's economy for 2012, but now says tight lending conditions for companies and households, job cuts and frozen investment have delayed an expected recovery.

With Agency Inputs