The European Commission said it expects the EU economy will contract more sharply this year and take longer to recover from the coronavirus pandemic than previously expected, piling pressure on leaders to finalize plans for a huge recovery package
London Europe's economy will contract more sharply this year and take longer to recover from the coronavirus pandemic than previously expected, piling pressure on EU leaders to finalize plans for a huge recovery package.
The European Commission said Tuesday that it expects the EU economy to shrink 8.3% in 2020, considerably worse than the 7.4% slump predicted two months ago. Growth next year is expected to be"slightly less robust" than previously thought, with GDP seen expanding by 5.8%."The economic impact of the lockdown is more severe than we initially expected," commissioner Valdis Dombrovskis said in a statement.
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