The COVID-19 outbreak represented a major shock for both the EU’s economy and globally. These unprecedented times will of course lead to severe socio-economic consequences which whilst unequal across Member States, will have a negative effect, nonetheless.
Policy response, both at EU and national level, whilst swift and comprehensive, was not enough to mitigate this unprecedented turn of events which will lead to a recession throughout 2020.
The Spring 2020 Economic Forecast projects that the euro area economy will contract by a record of a bit more than 7.5% in 2020 and grow by 6.25% in 2021.
Growth projections for the EU and euro area have had to be revised down by around 9% compared to the Autumn 2019 Economic Forecast.
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