European Economic Forecast in 2020 From European Commission
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According to the European Union’s spring forecast report, affected by the new coronavirus crisis, the euro zone economy will shrink by 7.7% this year, and there is no hope of making up for it in the coming year.
According to the European Commission’s spring forecast report, the current recession is of a historic scale. Paolo gentiloni, the economic Commissioner, points out that Europe is experiencing an economic shock not seen since the great depression.
According to the prediction of the European Commission, this year, the economy of 19 countries in the euro zone will suffer a serious recession; it will increase by 6.3% in 2021; and the GDP of the 27 EU countries will fall by 7.4% this year and increase by 6% next year. According to the forecast report, although the impact of the great plague on the economy involves all member countries, the GDP of all countries varies from Poland (- 4%) to Greece (- 10%). However, the recovery rate in the next year is also different. On the whole, it can not make up for the loss of this year.
According to gentiloni, the important factors are the speed with which countries remove the restrictions on coronavirus, the degree of dependence of national economy on tourism and the space for financial activities. He stressed that such inconsistencies endanger the unity of the internal market and the euro area, “we must overcome this challenge.”.
According to the forecast report, the unemployment rate in the euro area will rise to 9.5% from 7.5% in 2019 and drop to 8.5% next year; the EU as a whole will rise to 9% from 6.7% last year and fall to 8% in 2021. The European Commission pointed out that it would be more difficult for young people to find their first job.
According to the report, the inflation rate will fall sharply: consumer price growth in the euro area will be 0.2% this year and 1.1% next year; the EU as a whole will be 0.6% this year and 1.3% next year.
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