Europe Faces Recession of “Historic Proportions”

According to a new forecast from the European Commission, the European Economy is predicted to contract a whopping 7.5 per cent this year as the Coronavirus Batters economies around the world.

In its Spring economic forecast, the Commission expects a contraction of the "historic proportion" and states that the EU will rebound in 2021, with a development projection of 6% for that year. The forecast says that every EU nation will experience a recession this year, but the maximum effect and pace of the recovery in each Member State would be "differ markedly."

“Europe is experiencing an economic shock without precedent since the Great Depression," said Paolo Gentiloni, European commissioner for the economy.

"Both the depth of the recession and the strength of the recovery will be uneven, conditioned by the speed at which lockdowns can be lifted, the importance of services like tourism in each economy and by each country's financial resources. Such divergence poses a threat to the single market and the euro area -- yet it can be mitigated through decisive, joint European action. We must rise to this challenge.”

Source: CNN