EU forecasts ‘recession of historic proportions’ this year

BRUSSELS (AP) — The European Union is predicting “a recession of historic proportions this year” due to the impact of the coronavirus. It released Wednesday its first official forecast of the damage the disease has inflicted on the bloc’s economy. The 27-nation EU economy is predicted to contract by 7.5% this year, before growing by about 6% in 2021. The group of 19 nations using the euro as their currency will see a record decline of 7.75% this year, and grow by 6.25% in 2021, the European Commission said in its Spring economic forecast. More than 1.1 million people have contracted the virus across Europe and over 137,000 have died.