After a surge in economic indicators, the EU economic revival seems to have slowed down. Europe was quite able to halt the decline in the economy. Not long ago, it reported the moderate but stable recovery of economic indicators, albeit some member states still lagged behind.
The devastating consequences of the coronavirus outbreak and the steepest fall in oil prices are likely to affect the region's economy in the long term. This is why only the joint efforts of all member states can help the region to get back on track. However, as it turns out not all European countries are on the road to recovery. Some are still dealing with the corona crisis darkening the prospects of a quick recovery in the euro area. The continuing decline in the GDP of Spain and Italy has become the main obstacle for the region's rebound from the crisis. "The autumn is likely to still see the economy rebound strongly from the collapse witnessed in the spring. The survey highlights how policymakers will need to remain focused firmly on sustaining the recovery," Chris Williamson, a chief business economist at IHS Markit, pointed out.
The EU economy shrank by a record 14.4% year-on-year in the second quarter of 2020, capping its sharpest decline observed since the time series started in 1995.
