EU reveals possible timeframe for economic recovery

The EU economy may return to its pre-crisis level by mid-2022, Executive Vice President of the European Commission for An Economy that Works for People Valdis Dombrovskis said in the European Parliament, Report informs referring to Prime agency.

"According to our current estimates, the EU’s GDP should reach the 2019 level by mid-2022," he said.

On March 9, the Organization for Economic Cooperation and Development (OECD) noted in its spring report that global GDP could return to its pre-crisis level by mid-2021. This economic recovery won’t affect all countries, the authors of the document note: in the short term, significant heterogeneity is likely to remain, in particular, between developed and developing countries.

The EU economy plunged into an economic crisis last spring, as severe restrictions on socio-economic life were introduced to combat the spread of the coronavirus.

The EU’s GDP for 2020, according to the final estimate of Eurostat, fell by 6.2 percent.