EU Forecasts 'Recession of Historic Proportions' Amid Pandemic
May 6, 2020
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1:09Now PlayingEU Forecasts 'Recession of Historic Proportions' Amid Pandemic
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as posted by the channelThe European Union said on Wednesday it "has entered the deepest economic recession in its history" due to the impact of the coronavirus.
Speaking in Brussels after the release of the Spring economic forecast, the European Commissioner for Economy Paolo Gentiloni said the EU economy was expected to contract by a record of 7.4% in 2020.
"In 2021 we expect a rebound of 6.1% in the EU and 6.3% in the Euro area. Not enough to fully make up for this year's loss," he added.
More than 1.1 million people have contracted the virus across Europe and over 137,000 have died, according to the European Centre for Disease Prevention and Control.
Unclear outbreak data, low testing rates and the strain on health care systems mean the true scale of the pandemic is much greater.
The pandemic has hurt consumer spending, industrial output, investment, trade, capital flows and supply chains. It has also hit jobs.
The unemployment rate across the 27-nation EU is forecast to rise from 6.7% in 2019 to 9% in 2020 but then fall to around 8% in 2021, the commission said.
Gentiloni said that the depth of the recession and the strength of recovery will be uneven across the world's biggest trading bloc.
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