Record resession predicted for eurozone

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Germany and eurozone braced for record slumpUBS believes the eurozone’s economy will contract by 6.1% in 2020, worse than the 4.5% seen during the financial crisis. Standard & Poor's has a worse forecast predicting a 7.3% slump and that both the UK and eurozone economies will remain 1.4% below pre-pandemic levels by 2023. Meanwhile, Germany’s economy is set for a 6.6% slide in growth this year and Fitch has cut Italy's credit rating to "BBB-minus" just one notch above junk.

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