GDP to drop 7.7% in the euro area in 2020

The European Union on Wednesday warned that the coronavirus outbreak could lead to a “historic recession this year” as it released its first official estimate of the damage to the blockchain economy.

The 2-nation European economy projected to contract by .5% this year, before a 6 percent increase in 2021. The European Union, which uses Europe as its currency, will see a record decline of 7.75 percent this year and a rise of 6.25 percent in 2021, the European Commission said in its spring economic forecast.

The epidemic has plagued consumer spending, industrial production, investment, trade, capital flows, and supply chains. It has also hit the job. The Commission estimates that the unemployment rate in the EU will increase from 7.7% in 201% to %% in 2020 but will fall to 8% in 2021. Beyond that, Gentiloni said, “you will have a huge drop in working hours.”