In its new report, S&P Global Ratings projected that the Eurozone economy will see a 2% recession this year due to the coronavirus crisis.
The ratings agency also warned that the economic contraction could deepen as much as 10% if the current lockdowns are extended into four months.
With the economic costs mounting quickly as measures to contain the virus increase… the eurozone and U.K. economies are now facing a recession of -2% for 2020.
For example, we estimate a lockdown of four months could lower eurozone GDP by up to 10% this year.
- EUR/USD stays firm and advances to 1.0940, US data in sight