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Business

Eurozone Recovery Plagued by Uncertainty

Recovery in the eurozone economy is clouded by "considerable uncertainty," German state secretary for
finance Caio Koch-Weser said Tuesday. Koch-Weser told the European parliament that there was "still considerable uncertainty as to the pace of recovery in euro area." Recent data for the eurozone have showed that economic growth got off to a sluggish start in the beginning of the year and probably remained weak in the second quarter. However, the European Central Bank and the European Commission expect growth to pick up over the course of the year, although some forward-looking indicators have suggested further weakness ahead. The German official, who chairs the EU's economic and finance committee, added that "the balance of risks is clearly tilted to the downside." But he said "the conditions remain in place for the recovery to broaden" in the eurozone and warned against excessive pessimism.

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