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Sunday , November 29 2020

EU economy to be in deep recession this year

BRUSSELS, July 7 : The European Union’s economy will experience a deep recession this year due to the coronavirus pandemic, said the European Commission Tuesday.


According to the commission’s summer forecast, the impact on economic activity in Europe in 2020 will be more significant than anticipated.
The forecast says that the euro area economy will contract by 8.7 percent in 2020 and grow by 6.1 percent in 2021.


The EU economy is forecast to contract by 8.3 percent in 2020 and grow by 5.8 percent in 2021.


Presenting the forecast at a press conference today, Paolo Gentiloni, EU Commissioner for Economy, said, “Coronavirus has now claimed the lives of more than half a million people worldwide, a number still rising by the day – in some parts of the world at an alarming rate.”


“And this forecast shows the devastating economic effects of that pandemic. The policy response across Europe has helped to cushion the blow for our citizens, yet this remains a story of increasing divergence, inequality and insecurity,” he said.(KUNA)

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