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UK Economy in Freefall! The EU Faces the Worst Economic Crisis In Its History GDPs Plunging!! - Great Video

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UK Economy in Freefall – The European Union faces The Worst Economic Crisis in its history GDPs Plunging
Overall the recession in Europe is worse than was expected.The eurozone economy contracted by 12.1% in the April-June period compared to the previous quarter. It’s the biggest drop on record as coronavirus lockdowns have shut down businesses and hindered consumer spending.

Eurozone Economy Collapsed by 3.8% in the first quarter, the worst on record. Spain (-5.2%) and France (-5.6%) GDP were much worse than Italy (-4.7%).UK crashes into deepest recession of any major economy.

UK GDP shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into the deepest recession of any major global economy.

In just five months, the virus has wiped out years of growth. The longer the lockdown lasts, the greater the chances of lasting damage to the economy.This crash in GDP in the April-June period, compared with the first quarter, is the worst since quarterly records began in 1955. Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will. But while there are difficult choices to be made ahead, we will get through this, and I can assure people that nobody will be left without hope or opportunity.

This is a “historic” fall , headlines the New York Times  : in the second quarter, the euro area recorded a 12.1% drop in its gross domestic product ( GDP ), the European Statistics Office announced on Friday. In annual terms, the drop was 40.3%, “far exceeding the contraction of the US economy, which reached 32.9% over the same period” , says the Wall Street Journal.

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