Europe was predicted a severe economic crisis | FREE NEWS

Europe was predicted a severe economic crisis

Bloomberg analysts predict the strongest economic crisis in the Euro zone against the background of the actual shutdown of business activity due to the coronavirus.

One of the most important indicators reflecting the state of the economy, the business activity index (PMI), against the background of the pandemic, reached the lowest level in Europe since 1998 and set an anti -record for all the time of observation. This indicator was worse than during the global economic crisis of 2008-2009.

Bloomberg experts expect the strongest drop in GDP in the European Union since its formation. Therefore, the COVID-19 epidemic has already caused a drop in demand for goods and supply problems, which has forced many European carmakers to stop production. PSA (Peugeot, Citroen, Opel and Vauxhal), Fiat Chrysler (Fiat, Alfa Romeo, Chrysler, and Dodge) and Volkswagen, the world’s largest car manufacturer, have closed their factories, with businesses located throughout Europe and beyond.

The coronavirus pandemic, announced on March 11, has reached more than 160 countries. The infection has spread to all continents except Antarctica. According to WHO, about 370 thousand people were infected in the world, and 16 thousand died. Currently, the most difficult situation is in Italy, the United States and a number of European countries. In China, the outbreak has declined.
Last week, the World Health Organization said that there is no effective cure for COVID-19 yet, and treatment is only possible based on the clinical picture, according to the symptoms shown.