Advertisement
Euro area experiencing deep re...

International

Euro area experiencing deep recession due to pandemic, says European Commission

Rebecca Noonan
Rebecca Noonan

09:48 7 Jul 2020


Share this article


The Eurozone economy is expected to contract by 8.7% this year.

The European Commission says the euro area is experiencing a 'deep recession' due to the Covid-19 pandemic.

In its summer economic forecast, the European Commission's projecting the European area's economy to contract by 8.7% in 2020 and grow by 6.1% in 2021.

While the EU economy as a whole will contract by 8.3% this year, but grow by 5.8% next year.

The latest predictions are roughly one percentage point worse than the 7.7% and 7.4% projections from the spring forecast in April.

The commission also says next years growth will be slightly less robust than previously anticipated.


Share this article


Read more about

Coronavirus International News

You might like