#EU enters its deepest recession over virus: Commissioner
21:45, Wednesday, 06 May, 2020
The EU, over the pandemic, has entered the deepest economic recession in its history, the bloc's commissioner for economy said on Wednesday.
"The coronavirus caused an unprecedented economic crisis," Paolo Gentiloni said. Gentiloni presented the EU’s 2020 spring economic forecast, and according to the report, its gross domestic product (GDP) is expected to contract 7.4% in 2020. “Both recession and recovery will be uneven,” he stressed. Inflation will be significantly weaker due to the fall of consumer prices, while unemployment is set to rise despite government measures, he added. Among EU countries, Greece, Italy, Spain, and Croatia are expected to record the biggest economic fallout in 2020 with more than 9% loss of their GDPs (minus 9.7, minus 9.5, minus 9.4, and minus 9.1%, respectively). France’s economy will shrink 8.2%, while Germany can prepare for a 6.5% fallout.