ECONOMY

EU heading for 5-10 pct economic contraction in 2020, says Breton

eu-heading-for-5-10-pct-economic-contraction-in-2020-says-breton

European Union Industry Commissioner Thierry Breton said on Friday the EU was heading this year towards a 5-10 percent economic contraction due to the new coronavirus outbreak.

“As of today, in the European Union, we’re on course for a 5 percent to 10 percent [recession)] meaning it’s about 7.5 percent. But that is today, and if things don’t improve and if we have a second peak [of the outbreak], things could get worse”, Breton said on France 2 television.

[Reuters]