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World


COVID-induced recession may tear Eurozone apart: EU Commissioner

COVID-induced recession may tear Eurozone apart: EU Commissioner

Brussels, Jul 11 (UNI) European Union Commissioner for Economy Paolo Gentiloni on Saturday expressed his apprehensions that the COVID-19 pandemic induced recession is further intensifying and it threatens to tear the bloc's currency union apart.
In an interview given to the Die Welt newspaper, Mr Gentiloni said the eurozone economies are likely to be hit hard due to the shrinking GDP in countries like Italy, France and Spain. The GDP's of these nations are seeing a 10-11 per cent drop.
The official urged the EU leaders to agree on a plan for economic recovery as soon as possible, as this would build confidence in national economies and help in faster recovery.

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