The coronavirus pandemic will plunge most of Europe into its worst recession since the 1930s, according to a grim forecast released by the European Commission.
Brussels has had to abandon any hope of growth for both the EU and euro area in 2020, as the economies are set to contract by 7.5 and 7.75 percent respectively, according to this year’s Spring Economic Forecast released on Wednesday. The decline is set to be the worst ever for the eurozone. Compared to previous estimates, growth projections have been revised down by around nine percentage points.
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