IMF cuts eurozone economy forecast, but Lagarde is optimistic

Posted by Forexsq 449 days ago (http://money.cnn.com)
img Hopes that Europe's economy might be on the mend were dented again Wednesday when the International Monetary Fund downgraded its forecast for the eurozone to a second consecutive year of recession.

But IMF managing director Christine Lagarde said she was optimistic about the outlook for the region, provided it keeps up the pace of reform.

In an update to its World Economic Outlook, the IMF forecast the eurozone economy will contract by 0.2% this year, after shrinking by 0.4% in 2012. Its previous forecast was for growth of 0.1% in 2013.

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