Eurozone recession 'will be deeper than forecast'

Sun Online Desk

8th July, 2020 12:23:51 printer

Eurozone recession 'will be deeper than forecast'


The eurozone economy will sink deeper into recession than previously thought due to the effects of the pandemic, the European Commission (EC) has said.

The bloc will contract a record 8.7% this year before growing 6.1% in 2021. It compares with the EC's May forecast of a 7.7% slump and 6.3% growth.

France, Italy and Spain will struggle the most, the EC said.

Its revised forecast comes amid concerns about the US economy after a surge in infections, BBC reported.

This has prompted several states to delay or reverse lifting restrictions.