Europe is set to do better than the US not only in handling the Covid-19 outbreak, with a strikingly lower number of infections, but also when it comes to dealing with the economic fallout of the pandemic, bankers say.
The US economy contracted around five percent in the first three months of this year, and it is expected to crash even more as the deadly virus has only built up momentum since then. According to an International Monetary Fund (IMF) forecast, US gross domestic product is set to nosedive 37 percent in the second quarter and by 6.6 percent for 2020 as a whole.
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