The euro zone economy is not showing any convincing sign of a rebound and a persistent downturn in manufacturing risked infecting the rest of the economy, European Central Bank President Mario Draghi said on Monday, APA reports citing Reuters.
“Looking ahead, recent data and forward-looking indicators – such as new export orders in manufacturing – do not show convincing signs of a rebound in growth in the near future and the balance of risks to the growth outlook remains tilted to the downside,” Draghi told the European Parliament’s committee on economic affairs.
“The longer the weakness in manufacturing persists, the greater the risks that other sectors of the economy will be affected by the slowdown,” Draghi added.
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