EU forecasts deeper economic hit from pandemic

The European Union’s executive predicts that the bloc’s economy will contract more than previously expected because of the coronavirus pandemic, which has caused lockdowns on business and public life that are only slowly being eased, Report informs, referring to the New York Times. 

The 27-nation EU economy is predicted to contract by 8.3% this year, before growing 5.8% in 2021, according to the latest predictions released Tuesday.

“The road to recovery is still paved with uncertainty,” EU Economy Commissioner Paolo Gentiloni told reporters in Brussels.

According to the forecast, the economic decline will be 6.3% in Germany, 10.6% in France, 11.2% in Italy, and 10.9% in Spain. 

The annual inflation in 2020 will make 0.6% in EU, 0.3% in eurozone.