The EU will plunge into a deep recession this year due to measures to counter the spread of coronavirus, said Valdis Dombrovskis, Executive Vice President of the European Commission.
“A deep recession is inevitable in Europe this year”, – he said in a committee of the European Parliament.
The representative of the EC did not give exact figures.
In order to combat coronavirus, the EU countries have introduced large-scale restrictions on social and economic life, including trade restrictions, a ban on the operation of restaurants, and mass events.
Borders were also closed, and air and ground communications were limited.
This crisis could be the biggest in decades. EU authorities announced measures to support the EU economy for several trillion euros.