Dark déjà vu for European economy as virus cases spike - Fox Business

Europe’s economy was just catching its breath from what had been the sharpest recession in modern history.

The height of the pandemic last spring had caused the economy of the 19 countries that use the euro to plunge by a massive 11.8% in the April-June quarter from the previous three-month period.

About 1.5 million more people registered as unemployed during the pandemic.

Europe’s economy was just catching its breath from what had been the sharpest recession in modern history.

He noted that even before the new restrictions many people in his industry could only just about survive.

Europe’s economy was just catching its breath from what had been the sharpest recession in modern history.

“We see an elevated risk of a double dip recession in countries that are once again resorting to targeted and regional lockdowns,” he said.

The pandemic is worsening just as governments were trying to ease off the massive amounts of financial support they have been giving households and business owners.

As with the pandemic’s initial surge in the spring, the sectors in Europe most affected by limits on public life are services including travel and hospitality — those that depend most on face-to-face contact between people.

It accounts for almost 12% of Spain’s economy, compared with less than 3% for the U.S.

Lufthansa, British Airways and others are cutting tens of thousands of jobs as they expect no quick return to how things were before the pandemic — even with government aid.

Europe’s economy was just catching its breath from what h.

The EU is giving 750 billion euros ($880 billion) in financial support to member countries to cope with the fallout.

It now appears they will have to spend more on just keeping the economy afloat.

The European Central Bank is injecting 1.35 trillion euros ($1.6 trillion) into the economy, which keeps borrowing cheap even for countries with weak finances like Spain and Italy.

But the longer the pandemic drags on, the more the decisions on how to spend financial aid will become political, says Subran, the economist.

He blames the people who during the summer disregarded safety recommendations to party and socialize after months of lockdown