Coronavirus: EU facing ‘deep and uneven recession’

Coronavirus: EU facing ‘deep and uneven recession’

Paolo Gentiloni, the Commissioner for the Economy called the upcoming recession “a shock without precedent since the Great Depression”, BBC reports. The EU has foretasted its economy will shrink by over 7.5% in 2020 and recovery could be seen in 2021. The Commission has also warned that the damage will be uneven across the union. “The deepest predicted contraction of all is for Greece. At 9.7% that would be more than the worst in single year during the financial crisis, although the country did have a succession of bad years that added up to a much larger decline than is likely in 2020. Spain and Italy are also forecast to have declines in excess of 9%. The revisions to the forecasts for two other Mediterranean countries- Malta and Cyprus – were also relatively large.” Deriveum Europe is an instrument that would be particularly useful for the South of the continent, offering certainty to large bond holders.

Fore more details on the Commission’s economic prediction, please check the link below.


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