The European Bank for Reconstruction and Development warns that 'longer-term economic, political, and social effects' could deepen the painful downturn. coronavirus
EASING RESTRICTIONS. People walk on the waterfront of Thessaloniki, Greece, on May 1, 2020, after a month of banned access to the promenade. Photo by Sakis Mitrolidis/AFPcoronavirus crisis
And the downturn could potentially be deeper than expected – if COVID-19 physical distancing measures remain in place for longer than anticipated. The EBRD cautioned that the growth predictions are however subject to"unprecedented uncertainty" arising from the global health crisis, adding that some of its investment zone has also been slammed by tumbling prices for commodities – particularlyAnd the institution warned there could be"potentially significant longer-term economic, political, and social effects" that could deepen the painful downturn.
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