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World

New Covid-19 wave slows recovery in Europe: IMF

  • The euro area is now expected to see GDP expand by 4.2 percent this year, a full point lower than projected in October, the IMF said.
Published January 26, 2021

WASHINGTON: The new wave of coronavirus infections on the continent stalled the recovery in the euro area, and the IMF on Tuesday downgraded growth forecasts for Europe.

The euro area is now expected to see GDP expand by 4.2 percent this year, a full point lower than projected in October, the IMF said in its latest World Economic Outlook.

The economies of Germany, France, Italy and Spain all suffered, which the IMF said reflects "an observed softening of activity toward the end of 2020, which is anticipated to continue into early 2021 amid rising infections and renewed lockdowns."

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