the phrase "life until well into"
Analysts say government austerity measures in high debt countries such as Greece, Spain and Italy have contributed to record high unemployment within the currency union and to an economic slowdown that some forecasters say is unlikely to lift until well into 2014.
what is "lift until well into 2014"?

Question

the phrase "life until well into"
Analysts say government austerity measures in high debt countries such as Greece, Spain and Italy have contributed to record high unemployment within the currency union and to an  economic slowdown that some forecasters say is unlikely to lift until well into 2014.
what is "lift until well into 2014"?

Answer

The slowdown is unlikely to lift, or improve, until several months into 2014.

Answer

'lift' is not a good word here, because there is high unemployment and low economy so there is a contradiction of direction.  'Improve' would have been better and 'improve' is what is meant.  'well into something' refers to progress or passage of time, and means 'a substantial portion' a 'significant part'.