About it it is spoken in the updated economic forecast of the European Commission.
“This year, the EU economy expects a deep recession because of the pandemic coronavirus, despite the rapid and comprehensive response both at EU level and national level. Since the withdrawal of measures to lock occurs at a slower pace than anticipated in our spring forecast, the impact [of a pandemic] to economic activity in 2020 will be more significant than expected”, – the document says.
In the spring, the European Commission forecast that the Eurozone economy will shrink by 7.7%, in the EU 7.4%. Thus, the forecast decline is deteriorated by 1 percentage point for the Euro area and by 1.1 percentage points for the EU countries.
“The growth in 2021 will also be less stable than predicted in the spring,” added the EC.