European Economic Forecast. Summer 2020

Summary:

The European Commission published on 7 July 2020 its Summer economic forecast for the European Union (EU) and the Eurozone.

Further information:

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.

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News

Deutsche Welle, 07/07/2020: EU faces deeper recession than expected: European Commission https://p.dw.com/p/3ettf

RFI News, 07/072020: European economy hit worse by coronavirus crisis than thought, EU says https://www.rfi.fr/en/europe/20200707-european-economy-hit-worse-by-coronavirus-crisis-than-thought-eu-says

The Guardian, 07/07/2020: Europe faces deep recession and UK will shrink by 10%, says EC https://www.theguardian.com/business/2020/jul/07/europe-recession-uk-ec-eu-recovery-plan

The Baltic Times, 07/07/2020: Latvia's GDP forecast for this year is better than EU average - Dombrovskis https://www.baltictimes.com/latvia_s_gdp_forecast_for_this_year_is_better_than_eu_average_-_dombrovskis/

Jornal Económico, 07/07/2020: "An even deeper recession with wider divergences": Brussels sees eurozone economy drop 8,7% this year https://jornaleconomico.sapo.pt/en/news/an-even-deeper-recession-with-broader-divergences-brussels-sees-eurozone-economy-dropping-87-this-year-610268

Times of Malta, 07/07/2020: Eurozone economy to crash 8.7% in 2020: EU forecast https://timesofmalta.com/articles/view/eurozone-economy-to-crash-87-in-2020-eu-forecast.803388

EurActiv, 07/07/2020: Italy, Spain and France worst performers as recession deepens https://www.euractiv.com/section/economy-jobs/news/italy-spain-and-france-worst-performers-as-recession-deepens/

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Official

European Commission: Summer 2020 Economic Forecast: A deeper recession with wider divergences https://ec.europa.eu/info/business-economy-euro/economic-performance-and-forecasts/economic-forecasts/summer-2020-economic-forecast-deeper-recession-wider-divergences_en

European Commission: Press Release, 07/07/2020: Summer 2020 Economic Forecast: An even deeper recession with wider divergences https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1269

European Commission: Remarks by Commissioner Gentiloni at the press conference on the Summer 2020 Economic Forecast (7 July 2020) https://ec.europa.eu/commission/presscorner/detail/en/speech_20_1290

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