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<\/a><\/p>\nThe Spring 2020 Economic Forecast projects that the euro area economy will contract by a record 7\u00be% in 2020 and grow by 6\u00bc% in 2021. The EU economy is forecast to contract by 7\u00bd% in 2020 and grow by around 6% in 2021. Growth projections for the EU and euro area have been revised down by around nine percentage points compared to the Autumn 2019 Economic Forecast.<\/p>\n
The shock to the EU economy is symmetric in that the pandemic has hit all Member States, but both the drop in output in 2020 (from -4\u00bc% in Poland to -9\u00be% in Greece) and the strength of the rebound in 2021 are set to differ markedly. Each Member State’s economic recovery will depend not only on the evolution of the pandemic in that country, but also on the structure of their economies and their capacity to respond with stabilising policies. Given the interdependence of EU economies, the dynamics of the recovery in each Member State will also affect the strength of the recovery of other Member States.<\/p>\n
Paolo Gentiloni<\/strong>, European Commissioner for the Economy, said:<\/p>\n \u201cEurope is experiencing an economic shock without precedent since the Great Depression. Both the depth of the recession and the strength of recovery will be uneven, conditioned by the speed at which lockdowns can be lifted, the importance of services like tourism in each economy and by each country’s financial resources. Such divergence poses a threat to the single market and the euro area – yet it can be mitigated through decisive, joint European action. We must rise to this challenge.\u201d<\/p><\/blockquote>\nPress conference of Paolo Gentiloni, European Commissioner for Economy, on the Spring economic forecast:<\/h4>\n