ECONOMY - FINANCE - BUSINESS / Economy

Economic impact of Covid-19 pandemic in EU will be greater than expected, according to European Commission

Brussels, 07/07/2020 (Agence Europe)

Compared to the spring forecast (see EUROPE B12481A1), the European Commission’s summer forecast projects a sharper recession in 2020 – GDP falling by 8.7% in the euro area and 8.3% in the European Union (compared to -7.7% and -7.4% respectively forecast in May) – as well as a weaker economic rebound in 2021, with a return to economic growth of 6.1% of GDP in the euro area and 5.8% in the EU (6.3% and 6.1% respectively in April).

“The pandemic has hit the European economy harder...