BRUSSELS — The euro zone economy will drop deeper into recession this year and rebound less steeply in 2021 than previously thought, the European Commission forecast on Tuesday, with France, Italy and
Spain struggling the most due to the COVID-19 pandemic.
In early May, the Commission had forecast a downturn this year of 7.7 percent and a rebound in 2021 of 6.3 percent. Conversely, for the euro zone's largest economy, Germany, where widespread testing has helped limit fatalities, the 2020 downturn would be 6.3 percent, less pronounced than May forecast of 6.5 percent. The new figures indicate an economic recovery gathering momentum in June, although it is based on a number of "critical" assumptions.
"At the global level, the still rising rate of infections, particularly in the U.S. and emerging markets, has deteriorated the global outlook and is expected to act as a drag on the European economy," the report said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock markets rally on economy recovery hopesThe easing of lockdowns is providing hope the global economy will bounce back quickly from an expected recession in 2020.
Read more »
Makabayan bloc seeks House probe into StaySafe's data privacy issues'From the process of selection, effectivity, and data privacy, the interests of the Filipino people are put to great risk,' say progressive lawmakers pushing for the investigation
Read more »
Pasay City sets up tents for stranded LSIsThe Pasay City government utilized more rooms at the Villamor Airbase Elementary School (VABES) and set up tents at the school premises to accommodate locally stranded individuals (LSIs) whose number increased anew at the vicinity of the Ninoy Aquino International Airport (NAIA) due to cancelled provincial flights.
Read more »
Las Vegas Aces say Liz Cambage set to miss 2020 WNBA season
Read more »
ERC mulls advisory to Cebu City power distributors to allow bills payment suspensionMANILA, Philippines — The Energy Regulatory Commission (ERC) said it would consider issuing an advisory to power distributors to help ease the burden of residents of Cebu City by allowing the
Read more »