The ECB’s survey of professional forecasters showed European GDP is expected on average to decline by 5.5% due to coronavirus. However, in a more positive sign, it is then expected to grow by a strong 4.3% in 2021, before returning to lower levels of 1.4% in 2022.
The Eurozone started the week yesterday with a serious of manufacturing data, all of which came in low and showing three months of contraction in many cases. Nonetheless, figures were still very slightly above forecasts, perhaps a small positive amid disappointing numbers.
Today, we will see a number of speeches from ECB figures, including Luis de Guindos, and from the Bundesbank’s Wuermeling.
