The International Monetary Fund (IMF) says it was surprised by the recent slowdown in the euro zone but expects growth to pick up again.
The International Monetary Fund has admitted it was"surprised" by the extent of the recent slowdown in the euro zone, but expects growth to pick up again.
"The European slowdown…has been pretty pronounced. We expected some slowdown, growth had been above potential for a while, it's quite a mature recovery, we were surprised by the softness and the depth of the slowdown," Thomsen told CNBC's Joummana Bercetche at the IMF's Spring meetings. Thomsen said Friday that in addition to Draghi's main concerns there are also temporary factors impacting the euro zone, such as the social unrest in France and changes to car emission rules which had impacted Germany's auto sector.
Thomsen said he expected domestic demand"to drive the recovery going forward," helped along by a positive labor market, current oil prices and the support of monetary policy,
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