The European Union cannot expect an immediate recovery of the economy after this year’s shock caused by the coronavirus pandemic, said European Commissioner for Economic Affairs Paolo Gentiloni, DPA reports.
“We have never relied on a return to V. Now we know for sure there won’t be one,” Paolo Gentiloni told the European Commission’s Autumn Economic Forecast. According to Gentiloni, the latest forecasts of the Community Executive are based on the assumption that some isolation measures will have to be maintained also in 2021.
According to these forecasts, the EU economy will contract by 7.4% in 2020, after which it will return to growth with an advance of 4.1% in 2021 and one of 3% in 2022.
For the euro area, the European Commission expects a contraction of the economy of 7.8% in 2020, followed by a recovery of 4.2% in 2021 and a 3% advance in 2022, writes Agerpres.