The economy of the European Union will shrink by 8.3% in 2020. At the same time, a decline of 8.7% is expected in the Eurozone countries.
This is evidenced by the data from the economic forecast of the European Commission.
“As the lifting of the blockades is taking place at a slower pace than anticipated in our spring forecast, the impact of the [pandemic] on economic activity in 2020 will be greater than expected”, – the report says.
In addition, the EC is confident that stable economic growth in 2021 is also not to be expected.The European Union reacted strongly to Kiev’s idea to support domestic machine-building