Eurozone forecast to grow by 1.3% this year and 1.6% next year

The eurozone will grow by 1.3% this year and 1.6% next year, according to the Euroframe Indicator.

In a marginally improved outlook for the region, the unemployment rate is expected to fall to 12% this year and 11.3% next year. The fiscal deficit for the region is projected to come in at -2.4% in 2014 and -1.6 next year.

But there are still huge disparities in the region, with many member states in the south facing major challenges as they attempt to restore fiscal rectitude.