Latest Business News: Europe's Economy Still Sleeping

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Latest Business News: Europe's Economy Still Sleeping

Latest Business News: Europe's Economy Still Sleeping
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Latest Business News: Europe's Economy Still Sleeping

by Wochit 1:19 mins

Another month is passing and another listless set of business surveys is likely to show just how much the euro zone economy still has to do to get over its debilitating debt and banking crisis. Some economists think the euro area might have just escaped recession last quarter, but Petr Zemcik, director of European economics at Moody's Analytics in London said: "We are still on course for contraction. The euro zone most likely contracted in the second quarter and might contract in the third quarter as well." GlaxoSmithKline Chief Executive Andrew Witty will detail what action the drugmaker is taking in response to allegations of bribery against it in China when he presents quarterly results Japanese Prime Minister Shinzo Abe said that he wants to decide in the autumn whether to proceed with a scheduled sales tax hike next year, while looking carefully at economic indicators. "We have to look at various data, including the April-June GDP figures, and decide what needs to be done to clear hurdles such as beating deflation, achieving economic growth and restoring Japan's fiscal health.

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