The coronavirus disease (COVID-19) pandemic has caused dramatic loss of life and major damage to the European economy, but thanks to an exceptionally strong policy response, more devastating outcomes have been avoided. European real GDP is now projected to contract by 7 per cent in 2020, its biggest decline since World War II, followed by a rebound of 4.7 per cent in 2021. But the recovery’s strength will depend crucially on the course of the pandemic, people’s behaviour, and the degree of continued economic policy support.
Click here for the International Monetary Fund’s October 2020 European regional economic outlook.
Whatever it takes: Europe’s response to COVID-19
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