Europe's economy is expected to shrink by as much as 2.5% in 2020

The EU economy is likely to shrink 1% this year as a result of the coronavirus, a European Commission document showed.
However, officials say the paper’s estimates pointed to a recession of 2.5%, as the coronavirus impact was put at a negative 3.9 points, rather than 2.5 points, which would make the recession even deeper.
“The COVID-19 crisis is estimated to have a very large detrimental economic impact on the EU and euro area,” the document said, adding that “the direct impact through all channels is estimated to reduce real GDP growth in 2020 by 2.5 percentage points compared to a situation where there would be no pandemic”.
“Given that real GDP growth was forecast to be 1.4% for the EU in 2020, this would imply it could fall to just over -1% of GDP in 2020, with a substantial but not complete rebound in 2021”, the document reads.
On Monday, global stocks fell sharply after the banks’ attempts to support economic growth failed to dispel investors’ fears over the coronavirus impact on the economy. European stock indexes were down as much as 10%.