COVID-19 impact: EU forecasts 'historic' 7.7% eurozone recession
19-member single currency zone is expected to then rebound by 6.3 per cent in 2021
Published: May 06, 2020 13:15 AFP
European Union flags fly outside the European Commission headquarters in Brussels, Belgium. Image Credit: Reuters
Brussels: The European Commission said on Wednesday the eurozone economy would contract by a staggering 7.7 per cent in 2020, as the catastrophic consequences of the coronavirus outbreak sweep through the continent.
Calling it a "recession of historic proportions", the EU's executive said the 19-member single currency zone would then rebound by 6.3 percent in 2021, in an uncertain recovery that would be felt unevenly across the continent.