EU economy to contract 7.5% in 2020 - Breton

Friday, 24. April 2020 09:53

European Commissioner for Internal Market and Services Thierry Breton (pictured) said on Friday that the European Union economy is likely to contract 7.5% and warned the GDP could drop even more if a second wave of the coronavirus comes later in the year.

"As of today, in the European Union, we’re on course for a 5% to 10% (recession), meaning it’s about 7.5%. But that is today, and if things don’t improve and if we have a second peak (of the outbreak), things could get worse," Breton told France 2 television.

On Thursday, European Commission President Ursula von der Leyen announced a recovery fund which will mobilize investments worth €1 trillion in an effort to support the economy amid the coronavirus crisis.

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