NOURNEWS- The outbreak of the coronavirus in Europe has led to the biggest downturn in Europe since the announcement of the single currency in the region, with France, Germany and Italy entering a recession.
Statistics on the economic situation of European countries after the imposition of restrictions and quarantine to combat the spread of corona show the effectiveness of the outbreak of the corona virus throughout Europe. The eurozone economy has shrunk by about eight-tenths of a percentage point in the first quarter of this year, the highest level since 1995, when the single currency was announced for the European region.
As the most powerful economy in the eurozone, Germany is one of the countries in the region that has experienced a recession due to the outbreak of the coronavirus and the resulting shutdowns. The country's gross domestic product fell by about 2.2 percent in the first quarter of this year, a record low since the Great Depression.
Jack Alan Reynolds, an expert at the Capital Economics Institute, said German economic growth figures showed that the outbreak of the coronavirus had severely affected the German economy.
RFE / RL
NOURNEWS