Gloomy forecasts for the future after the crisis caused by the coronavirus do not stop.
The EU Commission now expects the entire Union to experience a recession of five to ten percent. More accurate figures will be presented in early May, said the Vice President of the European Commission Valdis Dombrovskis to the Economic Committee of the European Parliament.
Signs of a perceptible economic crisis are intensifying. According to Dombrovskis, accurate data on the labor market are still missing, but he is already able to name a few examples.
For example, in Austria, 900,000 people work temporarily and 500,000 are unemployed, which is 35 percent of the workforce. In France, 9.3 million people work on a short-term basis. These are unprecedented numbers.
As for Germany, a large coalition suggests a decrease in growth rates of a similar magnitude: gross domestic product may decline by 6.3 percent in 2020 compared to the previous year, Süddeutsche Zeitung reported with reference to figures to be presented on Wednesday.
In general, it is likely that the economy will collapse by five to ten percent compared to the previous year.