Worst recession in decades piles pressure on EU to agree new relief package
According to forecasts published on Wednesday, Europe’s top two economies are experiencing the worst contraction in decades as EU officials work towards new measures to relieve economic pressure and distress. German economic research institutes stated that the country’s economy is likely to shrink by 4.2% this year as a result of the pandemic, with an estimated concentration of 1.9% in the first three months of this year.
A 4.2% decline would be the steepest decline since 1970, and more than double the most damaging quarter during the global financial crisis. France’s central bank predicts that its economy shrank by 6% in the first three months of 2020, representing the worst decline since 1968 when the country experienced strikes and demonstrations that curbed economic output.