Lagarde: Eurozone's GDP could drop 12.6% in 2020

Lagarde: Eurozone's GDP could drop 12.6% in 2020
  • Clock-gray 17:49
  • calendar-gray 13 June 2020

European Central Bank (ECB) President Christine Lagarde said on Saturday that the euro area's economy could contract 12.6% this year in a "severe scenario," while a "mild scenario" foresees the Eurozone's gross domestic product falling 5.9% in 2020, APA reports citing Tele Trader.  

The Eurozone's economy is not expected to recover to pre-crisis levels by the end of 2020 in case of the worst scenario, she added.

In her speech at the inaugural session of the Italian National Consultation, Lagarde claimed that the post-crisis global economy could lean toward making supply chains more resilient in the manufacturing sector and shifting to more "distancing" via digitalization in the services sector.

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