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25 September 2020 "The Eurozone economy has recovered faster than expected from the first wave of Covid-19".
S&P underlines this by improving the growth prospects of the Eurozone this year to -7.4% with a rebound to 6.1% in 2021. Estimates more optimistic than expected also on the unemployment front which should reach a peak of 9.1% in 2021. The rating agency warns that the euro area is now entering a "complicated transition phase", with the gradual phasing out of government support measures and the implementation of the EU reform program.
The Eurozone economy restarts but the growth rate will still remain far from pre-covid levels and the periodic resurgence of the virus with possible new lockdowns puts consumption at risk and drives away the recovery of inflation.
The European Central Bank wrote this yesterday in its periodic bulletin, which stresses how to help the economic recovery it will continue to make extensive use of monetary stimuli and in fact 174.5 billion euros have been awarded in auction to 388 banks at sub-zero rates.
Frankfurt's GDP projections indicate annual growth of -8% this year, to then record + 5% in 2021 and + 3.2% in 2022, assuming partial success in containing the virus, with a certain resurgence of infections in the coming quarters which will justify the continuation of containment measures, albeit less rigid than in the first wave, until a medical solution is available by the middle of 2021 ".