The eurozone is facing a "bleak" winter, according to audit firm Ernst & Young.
A "mild" recession is likely in the first half of next year, leading to economic growth of just 0.1% for the whole of 2012, it predicted.
Ernst & Young also said unemployment in the eurozone was unlikely to fall below 10% until 2015.
Meanwhile, Greece - Europe's most indebted country - said that it would have its worst recession ever in 2011.
Greek Prime Minister Lucas Papademos warned on Wednesday that his country's contraction would be greater than the 5.5% currently forecast.