0
The European Union (EU) predicted a recession of historic proportions this year due to the impact of the coronavirus as it released its first official estimates of the damage the pandemic is inflicting on the bloc's economy, AP reported.
The 27-nation EU economy is predicted to contract by 7.5 per cent this year, before growing by about 6pc in 2021.
"It is now quite clear that the EU has entered the deepest economic recession in its history,” EU Economy Commissioner Paolo Gentiloni told reporters in Brussels. "As the virus hit, economic activity in the EU dropped by around one third practically overnight,” he said.
