European Commission: The EU is facing an “economic downturn of historic proportions”

The European Union has predicted an "economic downturn of historic proportions" due to the coronavirus pandemic, andpublished its first official damage assessment of the global economy.

In its spring economic forecast, the commissionreported that a group of 19 countries using the euro this year will record a record decline in economic performance by 7.75 percent. EU Economic Commissioner Paolo Gentiloni told reporters in Brussels:

“It is now abundantly clear that the EU has entered the deepest economic downturn in its history.” Economic activity in the EU fell by about a third almost overnight.”

According to the forecasts of the commission, the unemployment rate is 27EU countries will grow from last year's 6.7 percent to 9 percent in 2020, and will begin to decline only next year. At the same time, the UN says about 200 million people will lose their jobs.

The European Commissioner also noted that the unpredictability of the spread of coronavirus makes it difficult to make an economic forecast.

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