A deep European recession is now 'inevitable' and it could hit the continent as hard as 2008 despite policy moves, UBS says
A trader wears a face mask on the floor of the New York Stock Exchange after traders testing positive for the novel coronavirus, COVID-19, in New York, March 19, 2020.UBS says that a deep recession in Europe is now its base case scenario despite heavy fiscal and monetary stimulus.
"A European recession appears inevitable – the question is how deep and long it will be," said UBS economists in a research note. The Swiss bank said that the continent's economy could shrink by as much as 4.5% similar to the global financial crisis in 2008 in a research note. In recent weeks, the European Central Bank hasin a bid to boost countries which have been adversely impacted by coronavirus.
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