The European Commission expects the recession due to the corona crisis to be deeper than initially thought. The recovery will also be less strong, the committee writes in the summer forecast.
The eurozone economy will shrink by an average of 8.7 percent this year. In early May, that percentage was estimated by Brussels at 7.7 percent.
“The economic impact of the lockdown is heavier than we first expected and the journey is still over a choppy sea,” said European Commission Vice President Dombrovskis.
According to him, a quick agreement on a European recovery package of EUR 750 billion is more important than ever.