Via Reuters:
“People are underestimating how quickly Europe is slowing,” El-Erian said.
The International Monetary Fund revised down its forecast for euro zone growth to 1.6 percent in January from 1.9 percent three months prior, but El-Erian thinks even the lowered outlook is overly optimistic. El-Erian, the former chief executive of Pimco, the bond investment giant owned by Allianz, expects the euro zone will struggle to deliver even 1 percent growth in gross domestic product this year.
