Regional Economic Outlook




October 2020

The coronavirus disease (COVID-19) pandemic has caused dramatic loss of life and major damage to the European economy, but thanks to an exceptionally strong policy response, more devastating outcomes have been avoided. European real GDP is now projected to contract by 7 percent in 2020, its biggest decline since World War II, followed by a rebound of 4.7 percent in 2021. But the recovery’s strength will depend crucially on the course of the pandemic, people’s behavior, and the degree of continued economic policy support.

Chapter 1: The Crucial Role of Policies in Cushioning the Pandemic’s Impact

Chapter 2: Europe’s Exit from Lockdowns: Early Lessons from the First Wave 

Chapter 3: Corporate Liquidity and Solvency in Europe during the Coronavirus Disease Pandemic: The Role of Policies



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