Brussels, Nov. 5, (dpa/GNA) – The European Commission is to give its latest economic forecast on Thursday, with officials cautioning not to expect a miracle and stressing the difficulty of making predictions as the coronavirus once again strengthens its grip on Europe.
“We expect a slower recovery than we initially thought,” Commission Vice President Valdis Dombrovskis said on Wednesday ahead of the EU executive’s announcement.
In July, the bloc’s experts predicted that economic output would shrink by 8.7 per cent in the eurozone this year and by 8.3 per cent in the EU as a whole.
EU Economy Commissioner Paolo Gentiloni has said that a great deal of uncertainty surrounds the new model.
Last week, an official estimate showed that the eurozone economy rebounded by 12.7 per cent in the third quarter, following a dramatic slump in the previous months.
But analysts across the board warn that the recovery is likely to be short-lived.
Due to a fresh spike in cases, many EU countries have imposed new restrictions limiting public life, dealing a harsh blow to economic output and national budgets.
GNA