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Roubini sees eurozone 2010 growth “closer to zero”

Posted in Economia, Comércio & Finanças, Europa by Nejme Joma on 04/07/2010

AIX-EN-PROVENCE, France (Reuters)

Euro zone growth in 2010 could be “closer to zero” after a volatile second quarter threatens to dash previous estimates of 1 percent, U.S. economist Nouriel Roubini said on Sunday.

The currency bloc does not face a double-dip recession, however, despite deteriorating financial-market confidence over economic growth in an age of fiscal austerity, Roubini told a conference in Aix-en-Provence.

“Given the shocks of the last few month s… by year-end, euro zone growth could be closer to zero percent,” said Roubini, who has been nicknamed “Doctor Doom” for his pessimistic forecasts.

He said his previous estimate of 1 percent was similar to forecasts by the European Central Bank and the International Monetary Fund.

The past three months’ stock-market correction, rising credit spreads and a jittery inter-bank lending market suggested there were serious concerns over economic growth at a global level, said Roubini.

Growth in the U.S. economy could slow in the second half of this year to 1.5 percent from 3 percent in the first, he said.

“For the global economy, by year-end, the picture is not a very nice one,” said Roubini.

(Reporting by Lionel Laurent, editing by Will Waterman)

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