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Economic in Europe during the coronavirus pandemic

Today we would like to overview the situation in Europe during the coronavirus pandemic. We will look through some different sources and gather the most powerful information according to this topic.

So let’s start!

As rfi.fr says, European economy hit worse by coronavirus crisis than thought. The European Commission said the economies of countries that sustained the heaviest tolls of the Covid-19 epidemic, including France, Italy and Spain, would all contract by more than 10 percent before partially recovering in 2021.

Ft.com also worries about France, Italy and Spain. One of the articles says that Coronavirus plunges eurozone economy into historic recession. The coronavirus pandemic has plunged the eurozone economy into a historic recession with Spain suffering the biggest hit. Eurozone gross domestic product fell 12.1 per cent between the first and second quarters of 2020, the sharpest drop in 25 years of records, following a decline of 3.6 per cent in the first quarter.

The Spanish economy shrank by 18.5 per cent in the three months to June, taking its total contraction in the first six months of this year to 22 per cent and wiping out all the gains made in the seven years since its last recession.

France reported a quarter on quarter fall of 13.8 per cent for the second quarter, its biggest contraction since the second world war, taking the total reduction in output since the start of the year to 19 per cent.

And finally, as a cherry on a pie, Sweden. Very nice article is posted on markets.businessinsider.com. Throughout the coronavirus pandemic, Sweden has drawn international attention for its unorthodox approach to managing the virus’ spread.

Unlike most European countries, Sweden didn’t impose strict lockdown measures. Now it’s reaping the rewards — economically speaking, at least.

A report from Capital Economics published that the Swedish economy was the least harmed in Europe, describing it as the “best of a bad bunch.”

Though Sweden was not immune to the pandemic’s economic impact, it was the only major economy to grow in the first quarter of the year, the report noted.

Hope you will enjoy your reading!

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