The European Commission announced, today, Thursday, that the gross domestic product in the European area will decline by 7.8 percent in 2020, which is lower than what was expected in the summer, but that the expected recovery for next year will also be lower than the 4.2 percent expected. Basically.

“The second wave of the epidemic (…) is destroying our hopes for a quick recovery,” said UNHCR Vice President Valdes Dombrowskis. Spain, Italy and France will be the hardest hit by the recession among the 19 euro zone countries this year, recording -12.4 percent, -9.9 percent and -9.4 percent, respectively, according to the latest forecast by the Commission.