BRUSSELS – Eurozone Economy To Crash In 2020. The International Monetary Fund IMF, on Tuesday, have drastically slashed its growth estimates for the eurozone. This comes as Coronavirus lockdowns decimated the European economy.
According to details, IMF said the eurozone economy would crash by a staggering 7.5 percent this year. This is a direct free-fall not seen since the Great Depression of 1930s. The IMF also projected Britain would see its economy contract by 6.5 percent.
It was in predictions that the European region overall will have the worst performance of any region in the world. However, the IMF said the economic destruction in the eurozone would fade in the second half of 2020. As a gradual lifting of containment measures gained momentum.
The 19 countries that use the euro currency would then recover, but at a far slower pace. IMF predicted a growth of 4.7 percent in 2021. Before the emergence of the COVID-19 outbreak, the IMF said the eurozone was going to grow by a slow but respectable 1.3 percent.
But with tens of thousands dead due to the novel coronavirus across Europe and the economy in shutdown, the impact was going to be painful.
Eurozone Economy To Crash In 2020.