Description

The Western European countries were recovering gradually in Q1 2015 mainly driven by a stronger domestic demand and an improvement in private consumption. A favorable combination of subdued global oil prices, a weak Euro and European Central Bank’s aggressive trillion-Euro monetary stimulus is poised to drive the growth of the Western European economies in the second half of 2015. Depreciation of Euro is expected to boost the region’s export in H2 2015. However, the increasing uncertainty around Greece, as it defaults on $1.7 Billion debt repayment to the International Monetary Fund on June 2015, is expected to weigh down the overall performance and growth of the region.