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EU Forecasts a Recession of Historic Proportions in 2020
Summary: The European Union predicted the EU economy to decrease by 7.5% in 2020, “a recession of historic proportions,” before increasing by around 6% in 2021. The Euro area economy will suffer a record 7.75% drop this year and recover by 6.25% in the next, according to the Spring 2020 Economic Forecast of the European Commission issued on May 6.
The European Union predicted the EU economy to decrease by 7.5% in 2020, “a recession of historic proportions,” before increasing by around 6% in 2021. The Euro area economy will suffer a record 7.75% drop this year and recover by 6.25% in the next, according to the Spring 2020 Economic Forecast of the European Commission issued on May 6.
The 27 EU countries will pull through from the COVID-19 pandemic at different paces based on the domestic impact of the disease and structure of their economies. Spain, Italy, and France are the hardest-hit countries in the EU, ranking 2nd, 3rd, and 5th in the world, per Bitpush Real-time data. Despite a low infection number, Greece also undergoes economic decline due to its reliance on tourism and the impairment from previous years’ debt crisis.
The unemployment rate is predicted to escalate from 6.7% in 2019 to 9% in 2020, before reducing to 8% in 2021.
By Yiran Dai
Tags: COVID-19,Euro,European Union
Link: EU Forecasts a Recession of Historic Proportions in 2020 [Copy]
