Industrial production in Italy, Spain, and Germany went negative in November, according to data published last week. It looks like Europe is heading into a recession. Europe adopted “austerity” measures after the 2008 crisis, cutting government fiscal stimulus spending. Those cuts hurt GDP growth, leaving Europe’s economy permanently smaller, according to Oxford Economics and the IIF. Europe lost an economy the size of Spain because of it. “By lowering GDP permanently, fiscal consolidation increased the long-run debt burden rather than reducing it (as was the aim),” Oxford Economics analyst Rosie Colthorpe says.
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