Eurozone will stagnate but avoid full-scale recession - Belousov

The eurozone will be in stagnation but will avoid a full-scale recession, Russian Economic Development Minister Andrei Belousov believes.

"The eurozone as a whole will be in stagnation and will need a long period for recovery, but we believe that Europe will be able to avoid a full-scale recession," he said during a presentation at the State Duma's 'government hour' on Wednesday.

As a result, global economic growth will slow to 3-3.5 percent per year in 2012-2013, but it will reach 4 percent by 2015. There is not a very high likelihood of a full-blown crisis, he said.

Given an active policy on the part of the European Central Bank and international institutions, the crisis could be localized in several problematic European countries, Belousov said.

"At present, the slow-down in growth is to a large decree caused by budget consolidation and a reduction in budget spending," he said.

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