|Author (Corporate)||European Commission: DG Economic and Financial Affairs|
|Publisher||Publications Office of the European Union|
|Series Title||European Economy: Institutional Papers|
|Series Details||Number 125|
|Publication Date||May 2020|
The European Commission published on 6 May 2020 its Spring economic forecast for the European Union (EU) and the Eurozone.
The Spring 2020 Economic Forecast projects that the euro area economy is to contract by a record 7¾% in 2020 and grow by 6¼% in 2021. The EU economy is forecast to contract by 7½% in 2020 and grow by around 6% in 2021. Growth projections for the European Union (EU) and euro area have been revised down by around nine percentage points compared to the Autumn 2019 Economic Forecast.
The European Commission sees the COVID-19 (coronavirus) pandemic as a major shock for the global and EU economies, with very severe socio-economic consequences. Despite the policy response at both EU and national level, the EU economy appeared to be facing a a recession of historic proportions in 2020.
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||Economic Governance | Situation|
|International Organisations||European Union [EU]|