BRUSSELS, July 8 (NNN-AGENCIES) – The European economy will face a “deeper recession” than previously predicted, due to the prolonged containment measures on the COVID-19 pandemic, the European Commission said, in its “Summer 2020 Economic Forecast,” yesterday.
The 19-member eurozone economy is projected to contract by about 8.7 percent in 2020, before recovering at an annual growth rate of 6.1 percent next year, said the Commission.
The 27-member European Union (EU) economy is forecast to contract by 8.3 percent in 2020, and grow by 5.8 percent in 2021, it said.
Compared with the spring forecast published in May, the summer one’s projections on economic contraction in 2020 are somewhat dimmer and recovery in 2021 slower.
In its spring forecast, the European Commission projected that the eurozone economy would contract by 7.75 percent in 2020, and grow by 6.25 percent in 2021, and the EU economy was forecast to shrink by 7.5 percent in 2020, and grow by around six percent in 2021.– NNN-AGENCIES
