Covid-19 could cut eurozone GDP by 5%, 8% or 12% in 2020 – ECB

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European Central Bank staff have compiled three alternative scenarios analysing the impact of Covid-19 on the eurozone economy.

“Strict containment measures are expected to severely affect economic activity in the euro area well beyond the short-term horizon,” says the research, compiled by ECB staff. “The high uncertainty surrounding the economic impact of the Covid-19 pandemic warrants an analysis based on alternative scenarios.”

In the mild scenario, the eurozone economy would shrink by 5%

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