New European Commission Autumn forecast 2009 - 2011.

The European Commission published on 3 November its 2009 "Autumn Forecast", covering the period 2009-2011. The European Commission usually publishes economic forecasts four times a year: comprehensive exercises in spring and autumn and lighter "interim forecasts" published in between, usually in February and September for the largest EU economies and for a few variables only.

The Commission Autumn forecast foresees that the EU economy will emerge from recession in the second half of 2009. A relatively strong temporary pick-up is in the cards for the near term, following the improvements in the external environment, financial conditions, as well as the significant fiscal and monetary measures – with a more gradual recovery foreseen in 2010-2011.

Concerning Russia, growth in 2009 is expected to be -7.2%, while a relatively mild recovery is foreseen for 2010 (2.3%), gaining some speed in 2011 (2.7%).

Full document available at:

http://ec.europa.eu/economy_finance/publications/publication16055_en.pdf

The press release is available at:

http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/1663&format=HTML&aged=0&language=EN&guiLanguage=en

The Russia forecast is available at:

http://ec.europa.eu/economy_finance/pdf/2009/autumnforecasts/non_russia_en.pdf