Eurozone economy to crash 8.7 percent in 2020: EU forecast

7 percent in 2020 due to the coronavirus crisis, the European Commission said Tuesday in more pessimistic forecasts that do not see a complete rebound next year.

"The economic impact of the lockdown is more severe than we initially expected," said Commission Vice President Valdis Dombrovskis in a statement accompanying the release of the updated forecasts. Germany, the EU's biggest economy, is expected to see a 6.3 percent contraction this year and 5.3 percent growth in 2021.

France, the eurozone's second-largest economy, is expected to contract by 10.6 percent this year and grow by 7.6 percent in 2021.

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