April 24, 2020 / 7:05 AM / a month ago

EU heading for 5-10% economic contraction in 2020-Breton

PARIS, April 24 (Reuters) - European Union Industry Commissioner Thierry Breton said on Friday the EU was heading this year towards a 5-10% economic contraction due to the new coronavirus outbreak.

“As of today, in the European Union, we’re on course for a 5% to 10% (recession), meaning it’s about 7.5%. But that is today, and if things don’t improve and if we have a second peak (of the outbreak), things could get worse”, Breton said on France 2 television. (Reporting by Benoit Van Overstraeten; Editing by Kevin Liffey)

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