NSTbusiness The IMF drastically slashed its growth estimates for the eurozone on Tuesday, as virus lockdowns decimated the European economy. Covid19
The IMF said the eurozone economy would crash by a staggering 7.5 per cent this year, a free-fall not seen since the 1930s Great Depression.
The 19 countries that use the euro currency would then recover, but at a far slower pace, with the IMF predicting a growth of 4.7 per cent in 2021. The IMF said the French economy would see its economy shrivel by 7.2 percent instead of a 1.3 per cent expansion. The IMF praised the already sizeable fiscal responses by both countries, which together make nearly half of the eurozone economy, though France will see its debt level soar to levels not seen in the modern era.
Italy's economy was on course to slump by 9.1 per cent in 2020, followed by an expansion of just below 5 percent the following year.
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