European Central Bank projects 8% recession this year
Saturday, 09 12 2020, Category: Economy, Country: Europe
The European Central Bank (ECB) is slightly less pessimistic about the downturn in the growth of the eurozone economy, now projecting a drop of 8% in GDP this year, before a recovery of 5% in 2021 and 3,2% in 2021. Despite the scale of the recession, in June, Frankfurt estimated a contraction of 8,7% in 2020, followed by a recovery of 5,2% in 2021 and 3,2% in the following year.
Still, "given the exceptional uncertainty currently surrounding the outlook," the projections include two alternative scenarios, explained ECB President Christine Lagarde this Thursday at a press conference after the Board of Governors' meeting.