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EU's economic outlook grimmer than previously thought Updated: 2020-07-08 09:52:01 KST

The EU economy is expected to experience a deeper recession this year than previously thought, as the lifting of COVID-19 lockdown measures is proceeding at a slower pace than assumed in its Spring Forecast.
According to the Summer 2020 Economic Forecast released on Tuesday, the EU economy will contract 8.7 percent in 2020, and grow by 6.1 percent in 2021.
The contraction is significantly greater than the 7.4 percent projected in the previous forecast.
Experts cite the far longer period of disruption and lockdown taking place in the second quarter of 2020.
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