Joint Economic Forecast Fall 2020: Recovery loses momentum -Economy and politics further under the signs of the pandemic

Image credit: Project Group: Joint Economic Forecast

The global economy will contract by 4.0% this year and the rebound is expected at 5.6% in 2021. In Europe, we expect the downturn to be more severe than the world, with the current projection for the EU27 economic growth standing at -7.0%. This is due in part to the worsening outlook of the pandemic in some of the major countries, notably France, Spain and the Netherlands.