As we're surveying the damage done to the U.S. by the COVID-19 pandemic, the situation in Europe looks just as bad if not worse. The European Commission released projections yesterday that Europe’s economy will shrink by 7.4 percent this year.
A top official told residents of the European Union, which dates back to the aftermath of the Second World War, to expect the “deepest economic recession in its history.” To put the new figure in perspective, in 2009, during the global financial crisis, the 27-nation bloc’s economy shrank by 4.5 percent.
Greece will be worst-hit in the union, according to the forecasts, losing 9.7 of its economic output this year. The economies of Italy and Spain will most likely shrink by over 9 percent each this year. Poland would suffer the least, with a 4.5 percent recession.
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