Eurozone is set to undergo an even deeper recession due to the coronavirus pandemic despite measures taken at both EU and national levels, the European Commission said in its Summer Forecast released Tuesday.
The currency bloc is forecast to contract 8.7 percent in 2020 instead of 7.7 percent projected in the Spring Forecast. Nonetheless, the region is forecast to grow 6.1 percent in 2021, which was slightly less robust than the 6.3 percent expansion projected previously.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.