|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 132|
|Publication Date||July 2020|
The European Commission published on 7 July 2020 its Summer economic forecast for the European Union (EU) and the Eurozone.
The forecast shows the EU economy is to experience a deep recession in 2020 due to the COVID-19 (coronavirus) pandemic, despite swift and comprehensive policy response at EU and national levels. The Euro area economy is to contract by 8.7% in 2020 and grow by 6.1% in the next year. The EU economy is forecast to contract by 8.3% in 2020 and grow by 5.8% in the next year. The contraction in 2020 is, therefore, projected to be significantly greater than projected in previous Forecast. Growth in the next year is also to be slightly less robust than projected before.
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||Economic Governance | Situation|
|International Organisations||European Union [EU]|