Desperate times lie ahead for the Eurozone - which is EU member states who use the Euro as their main currency - as economic growth slows, particularly in countries such as Italy where debt levels are already astronomically high at £2.2trillion. The Centre for Economic and Business Research said in its annual predictions for 2019 “internal contradictions” would force the Eurozone to “integrate economically” or “risk breaking up”. They added: “It is possible to defer the confrontation for a year or two but the boil will have to be lanced at some point since the Italians have clearly reached the point of austerity fatigue.”
Brexit turmoil both inside and outside of the Eurozone is likely to cut growth for the region in 2019, according to a Financial Times poll of economists.
A total 23 out of the 24 respondents, surveyed in mid-December, said they expected growth to be between 1 percent and 1.8 percent.
Growth is set to be sluggish compared to 2018 if the forecasters are correct, as the European Central Bank estimated growth to have been around 1.9 percent.
Desperate times lie ahead for the Eurozone as economic growth slows (Image: GETTY)
The Eurozone must “integrate economically” or “risk breaking up” in 2019 (Image: GETTY)
Guntram Wolff, a director at Brussel’s