The European Commission has downgraded its own forecast from earlier in the year in its Summer Forecast released today , making it an even grimer prospect for the EU economy by 2020. The initially predicted contraction of -7.4 percent was reassessed to -8.3 per cent.
The EC press release offered the following context: "Due to the coronavirus pandemic this year, the EU economy will suffer a deep recession, given the rapid and detailed policy response at both EU and national level.
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