5/10, 7:39 AM (Source: TeleTrader)
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ECB's Lane: Long road to recovery from virus crisis

European Central Bank (ECB) Chief Economist Philip Lane told Le Monde on Monday the road to recovery from the economic crisis the COVID-19 pandemic caused will be long, with the Eurozone's gross domestic product (GDP) not returning to its level before the outbreak of the disease before spring 2022.

Lane added the area's employment rate will go back to how it was in 2019 only in 2023. He noted the output is yet to grow rapidly and urged central banks and governments to keep implementing necessary fiscal and monetary measures to prevent deepening the crisis.

Lane recently said the outlook for the rest of 2021 seemed good amid the optimism about a rebound in the world economy and global trade.

Breaking the News / JR