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The European Commission announced the deepest recession in history

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The European Union(EU) entered a deep recession due to the coronavirus pandemic with a decline of 7.4%. This was stated on May 6 by the European Commissioner for economy Paolo Gentilone.

Presenting the spring forecast of the European Commission, Gentilone noted that the economic decline in the EU in 2020 will be 7.4%, and in the Euro area, 7.7%. He noted that the losses from the current crisis will exceed the damage caused by the financial crisis of 2008-2009. According to him, the economic recovery will begin only in 2021. Overall, the global economy will decline by 3% in 2020 compared to 2019 due to the coronavirus pandemic.

Presenting the spring forecast of the European Commission, Gentilone noted that the losses from the current crisis will exceed the damage caused by the financial crisis of 2008-2009. According to him, the economic recovery will begin only in 2021.

Earlier, on April 29, the international labor organization published a report according to which more than 305 million people in the world will lose their jobs due to the pandemic, and about 1.6 billion will not have a livelihood, which is almost half of the world’s labor force.

Employees of companies whose activities are limited in the context of the pandemic, as well as enterprises from the most affected areas of the economy, are at risk of losing their jobs.

Globalgistng.com

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