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The International Monetary Fund (IMF) said that the severe economic downturn in Europe could end during the second half of 2010, followed by a gradual recovery, but that further policy actions, especially in the financial sector, will be essential to induce this recovery. In its Spring 2009 Regional Economic Outlook (REO) for Europe, the IMF notes economic activity is likely to contract most in emerging economies in the region this year, although activity may rebound slightly more in 2010 compared to the advanced economies of Europe. For Europe’s advanced countries, the IMF forecasts a 4 percent contraction in 2009. The advance countries are still expected to record negative growth in 2010, though at a more moderate rate of 0.4 percent. For Europe’s emerging economies, the IMF projects a 4...
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