Eurozone to suffer sharp recession in 2020, says European Commission
The commission forecasts record 7.7% recession and bloc will only partially recover in 2021
Brussels — The eurozone economy will contract by a record 7.7% in 2020 because of the Covid-19 pandemic, inflation will almost disappear and public debt and budget deficits will balloon, the European Commission forecast on Wednesday.
As the economy contracts in 2020, consumer prices will almost stagnate, the commission forecast. The inflation rate will slow to 0.2% before accelerating to 1.1% in 2021, when the eurozone is to return to growth of 6.3%. Investment will plunge 13.3% this year, it said...