ECB's de Guindos sticks with hope for growth rebound

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October 2, 2024 3:28 AM EDT

FILE PHOTO: European Central Bank (ECB) Vice-President Luis de Guindos arrives at the Presidential Palace for a meeting with Cyprus President Nikos Christodoulides in Nicosia, Cyprus, October 4, 2023. REUTERS/Yiannis Kourtoglou/File photo

FRANKFURT (Reuters) - Euro zone growth could be weaker in the near term than the European Central Bank now expects but the recovery should still pick up pace later on, ECB Vice President Luis de Guindos said on Wednesday.

"We expect the recovery to strengthen over time, as rising real incomes and the gradually fading effects of restrictive monetary policy should support consumption and investment," de Guindos told a conference.

He added that improved exports and a rebound in particularly weak productivity growth could also lift the economy.

(Reporting by Balazs Koranyi; Editing by Peter Graff)


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