The new EU economic forecast reflects a total drop of 9 percentage points since last fall's forecast, as businesses have been shut down or forced to operate at severely limited capacity. Here, a man delivers a butcher shop order in Norena, Spain, on Wednesday.Alvaro Fuente/NurPhoto via Getty Images
Those measures, and people's fears of contracting the deadly virus, lopped off roughly a third of the EU's economic activity"practically overnight," according to European Commissioner for the Economy Paolo Gentiloni. The report outlines sharp falls in hard-hit countries such as Italy, Spain and France — all of which will see their gross domestic product metric drop by more than 8% this year. The reversal will cut especially deep in Spain and Greece: One year after each of those countries produced GDP gains of around 2%, they are now plunging into negative territory, and both of them will fall by well over 9%, according to the forecast.
As the EU report suggests, the coronavirus is expected to have a far greater impact on the world's economies than the Great Recession, which was sparked by a financial crisis. That contraction began in December 2007 and ended in June 2009, according to the U.S. Federal Reserve, making it the longest recession since World War II.
No kidding. The whole world is losing their minds over covid19 whole 98% show little to no symptoms. Why is everyone except Sweden so quick and eager to tank the economy over a handful of deaths (which were mostly people who were already beating down deaths door?
Its not a recession with 30 % unemployment... It's a depression.. Fact..
What about the China's economy. News media never does a story on that. I'm just curious. All the doom and gloom is about every other economy. This corona virus impacted China's economy first. Let's hear how the are doing now.
This pleases the rich immensely
Deep state plandemic
Everything trump touches dies