Analysis
Politics
European Commission Report Highlights Ukraine’s Gains in Governance, Reform and Resilience
7 November 2024
While the COVID-19 pandemic does not discriminate according to nationality, its wider economic impact in Europe will vary greatly depending on how each country reacts to it, but also on how its labour market is built in the first place.
The shockwave of economic and social lockdowns is spreading across all sectors of European economies, and there is likely no reasonable analyst left in sight who would claim that the continent will avoid a recession this year.
What is still up for debate is how deep that recession will be in individual countries. France has already announced a GDP contraction of six per cent in the first three months of 2020, and Banque de France stated that every two weeks of lockdown translate into a 1.5 per cent loss for the country’s economy.
The euro area is predicted to contract by nine per cent in 2020, according to Goldman Sachs.
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