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New estimates are projecting that the euro zone will not return to economic growth until 2014, according to the latest reports offered by analysts.
The new reports, which say the economy will shrink roughly 0.3 percent in 2013, counter a report made last November that predicted 0.1 percent growth overall. The economy contracted by 0.6 percent in the last quarter of 2012.
The group of 17 countries, who combined make up about one-fifth of the world’s output, have been in a recession since the second quarter of 2012. During this time, concerns about the valuation of the euro were exacerbated, and worsening conditions in Greece, Italy, and Spain put the alliance into a downward spiral.
While 2012 analyses looked towards an optimistic 2013, recent reports find that the expected growth may not happen just yet, as the analysts traded their projections for a positive 2013 for cautious optimism that the economy will gain traction in 2014…
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