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.
FILE PHOTO: The skyline with its banking district is photographed during sunset in Frankfurt, Germany, May 20, 2020, as the spread of the coronavirus disease continues. REUTERS/Kai Pfaffenbach
The Commission said it had to revise its previous forecasts because the lifting of COVID-19 lockdown measures in euro zone countries was proceeding less swiftly than it had initially predicted. The new figures indicate an economic recovery gathering momentum in June, although it is based on a number of “critical” assumptions.
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