For this reason, the euro area economy is expected to grow only at a moderate pace in 2010, and the recovery process is likely to be uneven. Eurosystem staff project annual real GDP growth of between –4.1% and –3.9% in 2009, between +0.1% and +1.5% in 2010, and between +0.2% and +2.2% in 2011.
The range for 2010 has been revised upwards compared with the September 2009 ECB staff macroeconomic projections. Forecasts by international organisations are broadly in line with the December 2009 Eurosystem staff projections. The Governing Council continues to view the risks to this outlook as broadly balanced.