Statement on the Euro Area from the European Central Bank

Statement on the Euro Area from the European Central Bank

A statement regarding the Euro Area came from the European Central Bank. According to this statement, growth in the Euro Area may remain below the 2019 level until 2022. The European Central Bank (ABM) announced that the gross domestic product of the Euro Area could contract by up to 12 percent this year with the measures taken within the scope of the coronavirus epidemic. Announcement from the ECB on the Economic Bulletin for May The ECB preliminary statement on the May economic bulletin on Friday said, "While the real growth of the Euro Area is predicted to experience a sharp decline in the short term, effective measures are mandatory for a solid recovery in the next phase." Real growth, according to the Eurozone, under three light, medium and serious scenarios in 2020, may shrink by 5.8 percent and 12 percent, respectively. As long as the measures taken in the fight against coronavirus permit normalization in economic activity, growth was reported to be at the level of 6.5 and 4 in three different scenarios. According to the scenario where severe and negative effects are predicted, the gross domestic product could be below the 2019 level by the end of 2022.