Skip to comments.EU faces deeper recession than expected: European Commission
Posted on 07/07/2020 9:18:41 AM PDT by Olog-hai
The Eurozone economy will fall into a deeper recession this year than initially thought, and the recovery in 2021 will be less robust, according to an updated economic forecast released by the European Commission on Tuesday.
The revised forecast predicts the economy of the 19 nations that use the euro will shrink 8.7% in 2020 before recovering by 6.1% next year.
For the 27 countries that comprise the EU, a downturn of 8.3% is expected in 2020, before growing 5.8% in 2021. This means that in 2021 Europe will still be worse off than before the global outbreak of COVID-19 forced nations around the globe into lockdowns that drastically reduced commerce.
In May, the Commission had predicted an overall downturn of 7.7% in 2020 and a rebound of 6.3% next year. [ ]
The economies of France, Italy, and Spain are expected to contract by over 10% before making a partial recovery next year.
Germany, Europes largest economy, is pegged to experience a relatively mild contraction of 6.3% this year followed by a rebound of 5.3% in 2021.
The Netherlands and Poland can also expect less extreme contractions, the report said.
(Excerpt) Read more at dw.com ...
They ain’t coming back from this.
When I lived in Europe, it started out as 1 US dollar to 0.83 Euro.
Within a few short years, it was an incredible 1 Dollar to 1.37 Euro, and then an unbelievable One Dollar to 1.60 Euro.
None of that made any fiscal sense, whatsoever. My belief was it was always manipulated by the globalists, big time.
The magic touch of SOCIALISM. Pure damage.