Als de eurozone intact de crisis het hoofd weet te bieden, dan blijft Europa zelfs bij structureel lage(re) groei aantrekkelijk om zaken te doen. Het is en blijft gemakkelijk en aantrekkelijk om zaken te doen zowel in als vanuit Europese landen.
Recent data releases show that economic momentum in most emerging markets remains relatively weak.
The recent batch of positive data suggests that the risks to our growth forecast are tilted to the upside. The strengthening job market, receding uncertainty, rising asset prices and looser credit conditions are pushing up sentiment.
France might be able to prevent another GDP contraction in 13Q2. This expectation is based on better-than-expected household consumption and industrial production figures. Overall, we take note of an unexpected improvement of economic conditions.
In 13Q2, GDP growth turned positive after stagnation in 13Q1. Going forward, the recovery is expected to continue, but at a fairly slow pace and subject to downside risks. Robust labour market recovery is not expected before the end of the year.