The European Commission has slashed its 2020 and 2021 economic expectations as the coronavirus pandemic keeps taking a toll on the 27 economies.
The Brussels-based institution expects the 27-member region to contract by 8.3% this year, followed by a rebound of 5.8% in 2021. In May, the Commission estimated a 7.4% contraction for total GDP across the region this year, with a rebound of 6.1% in 2021.
The outlook has worsened over the last two months irrespective of the steps that most European countries have taken to reopen their economies.
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