August 24, 2011

SINGAPORE, Aug. 22 (Xinhua) — The London-based Economist Intelligence Unit (EIU) now saw a chance of at least 40 percent for the eurozone to break up and an equal chance for the global economy to go into a recession, local daily Business Times reported on Monday.

Robert Bew, chief economist of the research unit of the Economist Group, said in an interview with the newspaper that the eurozone breakup would have “disastrous consequences” that would in themselves drive a global recession.

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“Worse is we might get both together,” he was quoted as saying.

The global markets have been going through a correction as investors turned cautious on the outlook of the U.S. economy and the risks of a sovereign debt crisis further spreading in the eurozone.

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