Coronavirus: EU warns 2020 growth likely below zero

Coronavirus: EU warns 2020 growth likely below zero

European Commission President Ursula von der Leyen (C) Executive Vice President of the European Commission for a Europe Fit for the Digital Age and European Commissioner for Competition, Margrethe Vestager (L) and European Commission Vice-President in charge of the Euro, Social Dialogue, Financial Stability, Financial Services and Capital Markets Union Valdis Dombrovski (R) give a joint press conference to present the economic response to the Covid-19 crisis at the EU headquarters in Brussels. (AFP Photo)

The European Commission, the EU's executive arm, warned Friday that growth in Europe would fall into negative territory due to the economic fallout of the coronavirus outbreak.

An EU official told a news briefing that it "is very likely that growth for the euro area and for the EU as a whole will fall below zero this year."

The final reading could "potentially even be considerably below zero," the official added.



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