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EU Expecting the Biggest Recession Ever

The good news for European Union (EU) is that the Corona epidemic is beginning to wane here, but the bad news is that the European Commission’s new forecast has indicated an economic collapse of 7.4 percent. On the other hand, there is a possibility of another virus wave from opening lockdown. Whereas if you add the figures of infection deaths in Britain, Italy, Spain, France, then there are more than those who died in the European Union.

The number of deaths in Italy and Germany has decreased since the last two weeks. But by now the deadline has gone up significantly in the European Union (EU) compared to the US. While the second major challenge facing the EU is the economic slowdown. According to the latest estimates released by the European Commission, Europe’s economy will shrink by 7.4 percent this year.

A top official told EU residents, for the first time after World War II, they should be gearing up for the fear of the deepest economic recession in their history. On the other hand, there have been 29,427 deaths due to infection in the UK while 29,315 in Italy, 25,857 in Spain, 25,531 in France. By adding this number alone, it surpasses the total deaths in America. While many countries of the EU continue the death process.

The UK economy will hit a low of more than three centuries (300 years) after 1,706 due to the Covid-19. The Bank of England has warned that the overall size of the country’s economy will decline by 30 per cent in the first half of 2020 and 14 per cent by the end of this year, before reforms in 2021.

On the employment front, the Bank of England said, unemployment in Britain will double to 9 per cent. This does not include the figure of 60 lakh employees who have not been fired by many companies under the government’s ‘Employment Protection Scheme’. Under the scheme, the UK government is paying 80 per cent of the salary of these employees themselves.

The UK’s central bank said the economy would start showing signs of recovery from the second half of this year after the lockdown ended. If the epidemic was overcome, the British economy would improve rapidly. On the other hand, the Bank’s Monetary Policy Committee on Thursday decided to keep its main interest rate unchanged at the level of 0.1 per cent. This is the minimum interest rate of the bank.

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