Worst Slump for Euro Zone in 50 years

The Economic crisis has hurt the Eurozone countries badly. The Data from the economies show that the slump was more than what was expected. Eurozone gross domestic product fell 1.5 per cent in the fourth quarter. Germany which has been hurt the most with gross domestic produce contracted by 2.1 per cent.

Earlier IMF had reported that UK, which does not come under Euro zone would face the hardest hit among the developed nations due to the eco crisis. Pound is already sliding heavily. Prime minister Gordon Brown who was seen as a hero few months back for taking pro active measures is facing stiff criticism now.

The BOE and ECB have already cut interest rates to historic lows and have vowed to take any unconventional measures to support the economy. Concerns over deflation was also rasied by the central banks.

With recovery and solutions no where in sight these economies are going to face tough times for many quarters to come.