EU cuts 2021 economic outlook as virus spreads
Saturday, 11 07 2020, Category: Economy, Country: Europe
As COVID-19 cases keep rising, the European Union’s executive commission lowered its forecast for the economic rebound from the coronavirus pandemic next year and said the economy wouldn’t reach pre-virus levels until 2023.
The regular autumn forecast foresees growth of only 4.2% in 2021 for the 19 countries that use the euro, instead of the previous estimate of 6.1%.
The downgrade comes as governments record increasing numbers of infections, sick people in hospitals and deaths, and as they reimpose some restrictions on businesses and activity. The commission added a warning that the situation with the virus is so unpredictable means that its growth forecasts “are subject to an extremely high degree of uncertainty.”