- The EU is expected to experience a deep recession this year as a result of the coronavirus pandemic.
- The Summer Forecast, published by the European Commission on the 7 July, includes downgraded figures, meaning that Europe's recession is expected to be worse than first thought.
- The GDP growth is now expected to contract by 8.3% not 7.4%.
In its Summer Forecast published on the 7th of July, the European Commission downgraded its own projection from earlier in the year, making for an even grimmer outlook for the EU economy in 2020. The -7.4 percent contraction originally expected has been reassessed to -8.3 percent.
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In the EC press release, the following context was given: "The EU economy will experience a deep recession this year due to the coronavirus pandemic, despite the swift and comprehensive policy response at both EU and national levels. Because the lifting of lockdown measures is proceeding at a more gradual pace than assumed in our Spring Forecast, the impact on economic activity in 2020 will be more significant than anticipated."