Economic Impact of COVID-19 on the EU: From the Frying Pan into the Fire   [open pdf - 0B]

From the Document: "For the time being, the health impact of the COVID-19 [coronavirus disease 2019] pandemic will, for obvious reasons related to the devastating effects of the virus, continue to be at the forefront of public policy. However, the concerns over its economic impact are already omnipresent, too. One of the great uncertainties of this crisis is the nature of its long-term economic impact. It will most certainly be bad, and almost certainly be worse than the financial and economic crisis of a decade ago, with many referring to the Great Depression of the 1930s. The International Monetary Fund's current GDP [gross domestic product] forecast for annual growth in advanced economies in 2020 is a contraction of more than 6%. This might need to be revised downward at it does not fully capture the economic shock experienced everywhere. The economic repercussions of COVID-19 will be felt for quite some time; most certainly in 2021, which is looking to be a very difficult year, but most probably even beyond that."

European Policy Centre
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