WORLD EU forecasts 'historic' 7.7 percent eurozone recession

WORLD

EU forecasts 'historic' 7.7 percent eurozone recession

AFP

17:32, May 06, 2020

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File photo: CGTN

The European Commission said Wednesday the eurozone economy would contract by a staggering 7.7 percent in 2020, as the catastrophic consequences of the coronavirus outbreak sweep through the continent.

Calling it a "recession of historic proportions", the EU's executive said the 19-member single currency zone would then rebound by 6.3 percent in 2021, in an uncertain recovery that would be felt unevenly across the continent.

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