2011-12 Euro And U.K. Economic Growth Forecasts Cut By Credit Suisse
Swiss multinational financial services company Credit Suisse AG has decided to cut its euro- area and U.K. economic growth forecasts for the years 2011 and 2012. Credit Suisse has cited "a deteriorating outlook" as the reason for these cuts. Credit Suisse lowered the Gross Domestic Product of the Euro-area to 1.7 percent this year and 1 percent in 2012, as compared to previous predictions of 2.3 percent and 2.5 percent respectively. Similarly the British economic growth forecasts have also been lowered by Credit Suisse to 1 percent in 2011 and 1.5 percent next year, compared to previous forecasts of 1.5 percent and 2.5 percent. Credit Suisse economists Neville Hill and Christel Aranda-Hassel stated in a report that the political uncertainty and financial turbulence of the past couple of months has had a bad impact on economic growth in Europe.