Christopher Nye
on July 8th, 2020 The euro weakened yesterday after the European Commission released its latest forecasts. GDP is now expected to contract by 8.3% this year before growing 5.8% in 2021. This compares to an earlier forecast that predicted a 7.7% in 2020 and a growth rate of 7.4% next year.
The European Commission said it revised down its projections as the easing of lockdown restrictions is happening more gradually than previously expected.
The euro has recovered against the dollar this morning, however.
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