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Wednesday, May 6, 2020

The EU's economic forecasts, decrease in GDP. The smallest in Poland

National Bank of Poland
The Eurozone's GDP will fall this year by 7.7%, and the deepest recession will take place in southern Europe: in Italy, Spain and Greece. The smallest decline in GDP of the entire European Union is expected in Poland. In 2021, however, there should be a rebound of the EU economy. Unfortunately, it will not make up for all losses.

Germany, will record a fall of 6.5% this year and an increase of 5.9% next. In France, the GDP is expected to fall by 8.2% and then rebound by 7.4%.

The EC forecasts really bad situation in southern Europe, not only in the countries most severely affected by coronavirus, but also where tourism plays a big role. In Italy, the economy is expected to shrink this year by 9.5%, and the rebound forecast for 2021 is to be 6.5%. In Spain, GDP is expected to fall by 9.4% this year and increase by 7% in 2021. In Greece the GDP is expected to decline by 9.7% this year, and next year rebound by 7.9%. 

Meanwhile, the EC forecasts that in 2020 Poland's GDP will shrink by 4.3 percent - this would be the best forecast among EU countries.