EU expects 2020 growth below zero due to COVID-19
A top European Union official stated on Friday that the Eurozone economy is expected to contract in 2020 due to the negative impact of the coronavirus outbreak.
“It is very likely indeed that growth for the euro area and the EU as a whole will fall below zero this year, and potentially even considerably below zero,” Maarten Verwe, director-general for EU’s economic and financial affairs, said.
Earlier, European Commission President Ursula von der Leyen said that the bloc is ready to use all tools available to soften the blow of the COVID-19 outbreak and announced the EU will set up a €37 billion investment initiative for the fight against the virus and its consequences.
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