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The threat of stagnation in the eurozone is very real. The rebalancing of China’s economy is expected to continue to constrain chemicals demand growth and its need for imports.
Chemicals demand growth globally in 2015 is not likely to be as strong as was expected at the end of 2013.
The economic recovery in the EU that started in the second quarter of 2013 remains fragile and the economic momentum in many of the bloc’s member states is still weak, the European Commission said in its Autumn forecast on 4 November.
“Confidence is lower than in spring, reflecting increasing geopolitical risks and less favourable world economic prospects,” it added. “Despite favourable financial conditions, the economic recovery in 2015 will be slow.” The European Commission issues three economic updates each year.
The best it seems Europe can live up to is a “slow return of modest economic growth”.
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