{"id":254099,"date":"2020-05-06T20:41:16","date_gmt":"2020-05-07T00:41:16","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=254099"},"modified":"2020-05-06T20:41:16","modified_gmt":"2020-05-07T00:41:16","slug":"eu-enters-its-deepest-recession-over-virus-exec","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/05\/06\/eu-enters-its-deepest-recession-over-virus-exec\/","title":{"rendered":"EU enters its deepest recession over virus: exec"},"content":{"rendered":"
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Gentiloni presented the EU\u2019s 2020 spring economic forecast, and according to the report, its gross domestic product (GDP) is expected to contract 7.4 percent in 2020. (File photo<\/a>: Paolo Gentiloni\/Facebook<\/a>)<\/figcaption><\/figure>\n

BRUSSELS<\/strong>\u00a0\u2013 The European Union, over the pandemic, has entered the deepest economic recession in its history, the bloc’s commissioner for economy said on Wednesday.<\/p>\n

“The coronavirus caused an unprecedented economic crisis,” Paolo Gentiloni said.<\/p>\n

Gentiloni presented the EU\u2019s 2020 spring economic forecast, and according to the report, its gross domestic product (GDP) is expected to contract 7.4 percent in 2020.<\/p>\n

\u201cBoth recession and recovery will be uneven,\u201d he said.<\/p>\n

Inflation will be significantly weaker due to the fall of consumer prices, while unemployment is set to rise despite government measures, he added.<\/p>\n

Among EU countries, Greece, Italy, Spain, and Croatia are expected to record the biggest economic fallout in 2020 with more than 9 percent loss of their GDPs (minus 9.7, minus 9.5, minus 9.4, and minus 9.1 percent, respectively).<\/p>\n

France\u2019s economy will shrink 8.2 percent, while Germany can prepare for a 6.5-percent fallout.<\/p>\n

However, the European Commission estimates an economic relaunch for the bloc in 2021 with an average 6.1 percent of GDP growth.<\/p>\n

Unemployment rate may rise to 9 percent in average this year, but the number features great national differences.<\/p>\n

Nearly one in five workers might lose their jobs in Greece and Spain with an expected 19.9 percent and 18.9 percent unemployment rate, respectively.<\/p>\n

The ratio will only be 4 percent in Germany.<\/p>\n

The report foresees a very mild improvement for 2021 with 7.9 percent EU-wide unemployment rate, maintaining nearly 17 percent ratio in Greece and Spain.<\/p>\n

Consumer prices are expected to grow 0.6 percent this year, and 1.3 percent in the next one.<\/p>\n

Turkey\u2019s economic loss will be lower than the EU average, according to the spring forecast.<\/p>\n

The GDP is supposed to shrink 5.4 percent in 2020 and grow 4.4 percent the year after.<\/p>\n

After originating in China last December, the coronavirus disease 2019 (Covid-19) has spread to at least 187 countries and regions.<\/p>\n

Europe and the US are currently the worst-hit regions.<\/p>\n

The pandemic has killed more than 257,800 worldwide, with total infections reaching more than 3.68 million, while recoveries exceeded 1.2 million patients, according to figures compiled by the US-based Johns Hopkins University.\u00a0(Anadolu)<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

BRUSSELS\u00a0\u2013 The European Union, over the pandemic, has entered the deepest economic recession in its history, the bloc’s commissioner for …<\/p>\n","protected":false},"author":44,"featured_media":254101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,17],"tags":[],"class_list":["post-254099","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-news-w","mauthors-anadolu","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/254099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=254099"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/254099\/revisions"}],"predecessor-version":[{"id":254102,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/254099\/revisions\/254102"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/254101"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=254099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=254099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=254099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}