25 Jahre IWH

Reports des European Forecasting Network (EFN)

Das European Forecasting Network (EFN) ist eine Gruppe von Konjunkturexperten von verschiedenen europäischen Forschungseinrichtungen (darunter EUI Florenz, Universidad Carlos III Madrid, Universitat de Barcelona, IWH).

Seit 2001 veröffentlicht das EFN regelmäßig (seit 2005 vierteljährlich) Konjunkturprognosen für den Euroraum.

EFN Report Autumn 2011: Economic Outlook for the Euro Area in 2011 and 2012

European Forecasting Network

2011

Abstract

High growth dynamics and demand coming from emerging markets will slow only modestly in the rest of 2011 and in 2012, but the intensification of the financial turmoil and the doubts about the ability of the European Union to contain the consequences of possible defaults will hamper world economic growth considerably in our forecasting horizon. For the euro area, we expect GDP to grow by around 1.6% in 2011 and 0.8% in 2012, not enough to bring the unemployment rate back below 10% and substantially less for 2012 than in our Summer report. Many private households and firms will adopt a wait-and-see attitude while, to restore confidence in the euro area sovereign debt, fiscal policy will become even more restrictive.

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EFN Report Summer 2011: Economic Outlook for the Euro Area in 2011 and 2012

European Forecasting Network

2011

Abstract

The worldwide upswing has lost momentum, but it will overcome the present slowdown. Monetary policy is overall still accommodative, and growth dynamics continue to be high in emerging market countries. For the euro area, we expect GDP to grow by around 1.9% in 2011 and 1.7% in 2012, not enough to bring the unemployment rate back significantly below 10%. In fact, in a large core region of the euro area the upswing is well under way; this region includes, apart from Germany and some smaller economies, France, Belgium and the Netherlands. However, the crisis of confidence in the ability of EU institutions to master the fiscal crises is a major threat to the continuation of the upswing.

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EFN Report Spring 2011: Economic Outlook for the Euro Area in 2011 and 2012

European Forecasting Network

2011

Abstract

Our baseline scenario for the world economy in 2011 and 2012 is a continuation of the upswing, because growth dynamics continue to be high in emerging economies, monetary policy will in general continue to be expansive, and the factors that dampen the recovery in many advanced economies are slowly declining. There are two main downward risks for this prospect: first, low interest rates and high growth might drive commodity prices to disruptive levels. Second, waning confidence in financial markets might enhance volatility and enforce further extensivemeasures of consolidation in advanced economies.

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EFN Report Winter 2010/11: Economic Outlook for the Euro Area in 2011 and 2012

European Forecasting Network

2010

Abstract

In most advanced economies, strained public finances compel central banks to keep their expansive course, while interest rates in most emerging markets continue to be relatively low, if compared to their high potential growth rates. Thus, expansive monetary policies throughout the world, while giving cause for concern regarding long run macroeconomic stability, brighten the growth prospects for 2011. Developments in the group of countries that are neither booming nor in stagnation will be pivotal for the euro area economy in 2011. Economic sentiment indicators appear to suggest that important core countries are benefiting more and more from the upswing in Germany. In addition, the crisis of confidence in 2010 has weakened the common currency and thus improved the competitiveness of firms producing in the euro area.

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EFN Report Autumn 2010: Economic Outlook for the Euro Area in 2010 and 2011

European Forecasting Network

2010

Abstract

The euro area economy benefits from dynamic growth of exports to the emerging markets. Exports to Asia in particular have exceeded their peak level of spring 2008 as early as at the beginning of this year. Firms reacted by restocking and investing in equipment. The growth hike of the second quarter, however, will not be repeated, as it was favored by special factors. We expect euro area GDP to grow by around 1.6% in 2010 and 2011. The upswing of world trade calms down in the second half of this year and the effects of fiscal consolidation in Europe become increasingly felt.

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