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EU forecasts 'recession of historic proportions' this year

European Commission Paolo Gentiloni Eu city Brussels outbreak pandemic economy Coronavirus
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BRUSSELS – The European Union predicted Wednesday “a recession of historic proportions this year” due to the impact of the coronavirus with a drop in output of more than 7%, as it released its first official forecast of the damage the pandemic is inflicting on the bloc’s economy.

The 27-nation EU economy is predicted to contract by 7.5% this year, before growing by about 6% in 2021. The group of 19 nations using the euro as their currency will see a record decline of 7.75% this year, and grow by 6.25% in 2021, the European Commission said in its Spring economic forecast. “Europe is experiencing an economic shock without precedent since the Great Depression,” EU Economy Commissioner Paolo Gentiloni said in a statement.

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COVID-19
United States
United States
Cases: 46 252 513
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Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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