Coronavirus: EU faces 'recession of historic proportions'

EU officials have forecast "the deepest economic recession" in the bloc's history as a result of the coronavirus. Failure to agree on common solutions for the post-pandemic recovery could undermine the European project.

European Commissioner for the Economy Paolo Gentiloni told reporters on Wednesday that the bloc is headed for "a recession of historic proportions this year" as a result of the novel coronavirus pandemic.

"It is now quite clear that the EU has entered the deepest economic recession in its history," Gentiloni said. "Economic activity in the EU dropped by around one-third practically overnight."

The novel coronavirus pandemic has hit the global economy hard. Governments have enacted tough restrictions on mobility along with social distancing measures aimed at curbing the pandemic. However, those measures have also severely limited business operations and economic activity.

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