Tags: Utah | South Carolina | europe | Recession

Utah, South Carolina Most Vulnerable to Europe Recession

Wednesday, 16 Nov 2011 08:12 AM

A recession in Europe would punish Utah more than any other U.S. state, mainly by crimping gold and silver exports to the continent, Wells Fargo research finds.

European exports make up 5.56 percent of the state’s gross domestic product, the report finds, according to the Wall Street Journal.

South Carolina, an auto-producing state, is the second most vulnerable, with European exports making up 4.1 percent of that state's economy.

West Virginia, which ships out a lot of coal to Europe, follows in third at 3.9 percent.
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"Slower demand from the eurozone will likely slow production among the country’s commodity, aircraft and automobile producers and may have been a factor in the recent slide in many of the regional manufacturing surveys, including the Empire and Philadelphia Fed survey,” the Wells Fargo report says.

ecbsign200gtty.jpg
The euro logo in front of the European Central Bank.
 
Fears are mounting that the European debt crisis will throw the continent into a recession if it hasn't done so already.

Now, some economists says the neighboring U.K. will be dragged down its recession-bound neighbors.

"The outlook for the European economy has deteriorated quite significantly," says Neil Woodford, manager of Invesco Perpetual High Income Fund, which has $17.7 billion in assets, Bloomberg reports.

"I do expect the euro zone to be in recession next year and the U.K. economy could well be following suit."

European Union officials themselves says the continent is doomed to "a deep and prolonged recession" if policymakers can't get the continent's finances in order.

The EU's economic watchdog, the European Commission, predicts the European economy to growth by paltry 0.5 percent in 2012, way down from the 1.8 percent prediction it made in the spring.

"This forecast is in fact the last wake-up call," EU Monetary Affairs Chief Olli Rehn warns, according to the Associated Press.

"Growth has stalled in Europe, and there is a risk of a new recession."

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A recession in Europe would punish Utah more than any other U.S. state, mainly by crimping gold and silver exports to the continent, Wells Fargo research finds. European exports make up 5.56 percent of the state s gross domestic product, the report finds, according to the...
Utah,South Carolina,europe,Recession
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2011-12-16
Wednesday, 16 Nov 2011 08:12 AM
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