COVID-19 has struck Europe with stunning ferocity. While we do not know how long the crisis will last, we know that the economic impact will be severe. In Europe’s major economies, nonessential services closed by government decree account for about one-third of output. This means that each month these sectors remain closed translates into a 3 per cent drop in annual GDP, and that’s before other disruptions and spillovers to the rest of the economy are taken iWnto account. A deep European recession this year is a foregone conclusion.
Europe’s generally strong welfare systems and social market model will facilitate the delivery of targeted assistance to firms and households, but there…
Source: Nigerian Tribune
