5/14/2020, 10:21 AM (Source: TeleTrader)
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ECB: Eurozone's GDP could slump 12% in 2020

The euro area's gross domestic product (GDP) is expected to plunge by between 5% and 12% in fiscal 2020 largely impacted by the coronavirus pandemic, the European Central Bank (ECB) said in its economic bulletin on Thursday.

The economies in the Eurozone are set to rebound once the pandemic is beaten, but "its speed and scale remain highly uncertain," the central bank asserted.

Meanwhile, inflation decreased due to the significant drop in oil prices and slightly lower HICP inflation excluding energy and food, the bulletin showed, expecting "the sharp downturn in economic activity is expected to lead to negative effects on underlying inflation over the coming months."

Breaking the News / GA