EU enters its deepest recession over virus: Commissioner
The EU, over the pandemic, has entered the deepest economic recession in its history, the bloc's commissioner for economy said on Wednesday, Anadolu Agency reported.
"The coronavirus caused an unprecedented economic crisis," Paolo Gentiloni said.
Gentiloni presented the EU’s 2020 spring economic forecast, and according to the report, its gross domestic product (GDP) is expected to contract 7.4% in 2020.
“Both recession and recovery will be uneven,” he stressed.
Inflation will be significantly weaker due to the fall of consumer prices, while unemployment is set to rise despite government measures, he added.
After originating in China last December, COVID-19 has spread to at least 187 countries and regions. Europe and the US are currently the worst-hit regions.
The pandemic has killed more than 257,800 worldwide, with total infections over 3.68 million, while recoveries exceeded 1.2 million patients, according to figures compiled by the US-based Johns Hopkins University.