The rating agency's baseline forecast for 2012-2013 is for zero GDP growth for the eurozone as a whole in 2012 and 1.0% growth in 2013. "We currently assign a 60 percent probability to our baseline forecast, versus 40 percent for our alternative forecast of a true double dip" recession, added the statement. It said three factors would likely determine the depth of the eurozone's current downturn, including how demand from emerging markets holds up as well from European consumers. How European governments and especially the European Central Bank rekindle investor confidence in capital markets in the next few quarters would also be important, S&P added. The International Monetary Fund in its latest forecasts issued last week also predicted that the eurozone would only suffer a short and mild recession but end the year with no growth.