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When we wrote our previous report in December 2012, it was obvious to everyone that 2013 would not be the year of economic recovery, far from it. Gloomy forecasts and the prospect of an unprecedented fiscal shock (€38 billion), mainly financed by higher taxes on households and businesses, led economists to write off the first half of 2013 in terms of economic growth.
A year ago, the still unanswered question was whether the second half of 2013 would finally herald the return of a better macroeconomic environment, a prerequisite for a subsequent upturn in business investment and employment.
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05 December 2013