“Looking beyond the short term “reflation trade”, trend growth for the five main European countries is unlikely to recover to pre-crisis levels, but would lie between 1 to 2%, highest in the UK (2.1% down from 3.1% pre-crisis), followed by Spain (1.8% down from 3.7% pre-crisis) and France (1.4% down from 2.2 % pre-crisis), and lowest for Italy (0.7% down from 1.5%) and Germany (1.1% down from 1.6%) arising from ageing to a large extent”, they added.
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