Sees EU area 2020 GDP at -8.7% vs. the previous forecast of -7.7%.
Cuts Spain growth estimate for 2020 To -10.9% from -9.4%.
Downgrades Italy growth estimate for 2020 To -11.2% from -9.5%.
2021 forecast now at 6.1% from 6.5%.
Downgrades French growth estimate for 2020 To -10.6% from -8.2%.
Upgrades German growth estimate for 2020 To -6.3% from -6.5%.
Germany’s economic rebound in 2021 to be less pronounced than previously expected.
Forecasts revising estimates to 5.3% growth
Economic recovery will be uneven across member states.
There are ‘severe’ risks to the economic outlook, tilted to the downside.
Euro area economic divergences are ‘more pronounced.’