Which Country Will Best Survive the Coronacrisis — Forecast
By Marko Vidrih on The Capital
The European Commission published a forecast according to which the Polish economy this year will experience the smallest recession in the European Union in connection with the coronavirus pandemic.
So, in 2020, the Polish economy will shrink by 4.6%. Although the decline in dynamics will be slightly larger than Brussels analysts predicted in the spring (then they announced the forecast at 4.3%), the recession in Poland will be the smallest in the entire EU. Compared to other countries, the economic situation in Poland is relatively optimistic.
“The Polish economy showed relative stability in the first quarter, mainly due to the low level of impact on the affected sectors and a diversified economic structure,” the forecast says.
Eurozone GDP is expected to fall by 8.7% this year.
Inflation in the euro area is now projected at 0.3% in 2020 and 1.1% in 2021. For the EU, inflation is projected at 0.6% in 2020 and 1.3% in 2021.
Earlier, the head of the European Central Bank (ECB) Christine Lagarde said that the economic crisis caused by the pandemic of the coronavirus infection will lead to profound changes in the global economy. According to her, the transition to digitalization and automation will accelerate, supply chains will become shorter, and the industry will become more environmentally friendly.
Author: Marko Vidrih
Featured image credit: Unsplash
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