The European Union has reached its «deepest» recession in history due to the COVID-19 pandemic, the European Commissioner for Economy Paolo Gentiloni stated in a press conference held from the EC headquarters in Brussels on Wednesday.
Presenting the Spring economic forecast online, Gentiloni predicted a «record 7.4 percent» decline in the European economy, 1.6 times sharper than the 2009... Еще contraction. The expected 6.1 percent rebound in 2021 would be «not enough to fully make up for this year's loss,» the commissioner fears.
Gentiloni expects the pandemic will continue to raise the unemployment rate, however, the coordinated measures taken by the European governments would help reduce the impact, which will most probably be felt in «a massive drop in hours worked.»
Germany is also set to experience its deepest recession since the second world war. «The lack of demand and disruptions in value chains should severely hamper the country's export,» Gentiloni added.