The European Union has entered the deepest recession in its history.
The spring economic forecast, published on the website of the European Commission, says that the European Union has entered the deepest recession in its history. The collapse of its economy due to the coronavirus pandemic in 2020 may reach 7.4%.
Operational data from the European Commission shows that quarantine measures introduced in response to the spread of coronavirus have sharply reduced economic activity in Europe. The decline in gross domestic product in EU member states started in the first quarter and will peak in the second quarter. The decline in EU GDP this year will be much greater than during the global financial crisis in 2009.
The decline will occur in all EU countries, and the economies of Italy, Spain, Greece and Croatia are expected to suffer the most, with a fall of more than 9%. Poland’s economy will be the least affected – by 4.3%. The European Commission’s review suggests that the world GDP will fall by 3.5% in 2020 and will increase by 5.2% in 2021.