George Magnus, senior independent economist for UBS. [Provided to China Daily]

George Magnus, senior independent economist for Swiss bank UBS in London, says the medium-term outlook for Europe is bleak. He believes growth in the eurozone will be little more than 1 to 1.25 percent in 2015.

"Europe may not be too far from recession. The outcome for the year could be slightly better because of the latest plunge in oil prices. If so, I think it would be temporary. There is no change really in the medium-term outlook, which is for low growth, stagnation or worse."