“Both the depth of the recession and the strength of recovery will be uneven, conditioned by the speed at which lockdowns can be lifted, the importance of... tourism in each economy and by each country’s financial resources,” he said.
The forecasters warned that the outlook was highly uncertain, and said there was potential for worse economic damage and a slower recovery if the disease is not brought under control.While the forecast anticipates economic growth next year, the losses sustained this year will not be fully made up by the end of 2021, the commission said. The unemployment rate in the euro zone is set to rise from 7.5 per cent last year to 9.5 per cent next year before falling again in 2021.
The commission’s forecast is based on the gradual lifting of lockdowns from May onwards. It said that the risks surrounding the forecast are “exceptionally large and concentrated on the downside”. In the absence of a strong recovery within the EU, “there is a risk that the crisis could lead to severe distortions within the single market and to entrenched economic, financial and social divergences between euro area member states,” the commission said.
There must be big reductions past politicians pensions this time around and the top civil and public services sector,.
No sign of overpaid (per head of population) TDs and Ministers salaries and retired TDs pensions even doing the same? Ah no lets just tax the less well off again! austerity accountability COVID19 coronavirus StayAtHome StayHome lockdown
Ideal breaking news for Ireland, maybe we could make it happen. MS jobs positive.