The economic fallout of the coronavirus pandemic is worse than predicted, with Europe's euro area economy expected to contract by 8.7% in 2020. The EU economy as a whole is forecast to contract by 8.3% in 2020, and grow by 6.1%.
European Commissioner for Economy, Paolo Gentiloni, made the announcement in a presser on Tuesday morning. Watch it in the media player above.
Previous projections in April had suggested a contraction of 7.7%. The Commission said that despite a comprehensive policy response, the lifting of lockdown measures has happened at a slower pace than anticipated.
"We continue to navigate in stormy waters and face many risks, including another major wave of infections," said Commission Vice-President Valdis Dombrovskis in a statement.
He added that the "forecast is a powerful illustration of why we need a deal on our ambitious recovery package."
EU leaders are set to meet next week to thrash out a deal on Europe's coronavirus rescue package.
https://news.google.com/__i/rss/rd/articles/CBMiZmh0dHBzOi8vd3d3LmV1cm9uZXdzLmNvbS8yMDIwLzA3LzA3L3dhdGNoLWxpdmUtZXUtdG8tZXhwZXJpZW5jZS1ldmVuLWRlZXBlci1yZWNlc3Npb24tdGhhbi1hbnRpY2lwYXRlZNIBamh0dHBzOi8vd3d3LmV1cm9uZXdzLmNvbS9hbXAvMjAyMC8wNy8wNy93YXRjaC1saXZlLWV1LXRvLWV4cGVyaWVuY2UtZXZlbi1kZWVwZXItcmVjZXNzaW9uLXRoYW4tYW50aWNpcGF0ZWQ?oc=5
2020-07-07 08:16:56Z
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