EC forewarns of 'severe socio-economic consequences' in wake of covid-19

The coronavirus pandemic represents a major shock to EU economies with "very severe socio-economic consequences", according to the European Commission's Spring 2020 Economic Forecast. The official EC forecast predicts the eurozone area's economy will contract by a record 7.75% over the course of 2020 and will then grow by 6.25% in 2021. The EU economy is forecast to contract by 7.5% in 2020 and grow by about 6% next year. The European Commission said growth projections for the EU and euro area had been revised down by about nine percentage points compared to the Autumn 2019 Economic F...