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The GDP of the Eurozone may decline by 12% in 2020

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The GDP of the Eurozone, Ukraine’s largest bloc trading partner, may decline by 5-12% this year due to coronavirus lockdown measures, estimates Christine Lagarde, president of the European Central Bank, ubn.news reports.

During the first quarter the Eurozone GDP dropped by 3.8%, the worst drop since statistic taking started for the Eurozone, in 1995. In the second quarter, from April to June, the drop could be as much as 15% y-o-y.

“The eurozone economy is facing an economic downturn, the scale and speed of which is unprecedented,” Lagarde said Thursday at a news conference. She said the European Central Bank has made €3 trillion available to banks at negative interest rates.

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