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 can reach 7.4%.
Operational data from the European Commission show that quarantine measures introduced in response to the spread of coronavirus disease have dramatically reduced economic activity in Europe. The decline in gross domestic product in the EU member states began in the first quarter and will reach its peak in the second quarter. The reduction in EU GDP this year will be much stronger than during the global financial crisis in 2009.
GDP reduction will occur in all EU countries, and the economies of countries such as Italy, Spain, Greece and Croatia will suffer the most – there is expected to fall by more than 9%. Poland’s economy will shrink the least – by 4.3%. A review by the European Commission suggests that global GDP will fall by 3.5% in 2020 and increase by 5.2% in 2021.