Europe predicted the strongest economic crisis

US, WASHINGTON (ORDO NEWS) — Bloomberg analysts predict the strongest economic crisis in the eurozone against the backdrop of an actual stop 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 backdrop of the pandemic, has reached a minimum in Europe since 1998 and established an anti-record for all the time of observation. This figure was worse than during the global economic crisis of 2008-2009.

Bloomberg experts expect the strongest drop in GDP in the EU since its inception. So, the COVID-19 epidemic has already caused a drop in demand for goods and supply problems, which forced many European automakers to stop production.

PSA (Peugeot, Citroen, Opel and Vauxhall), Fiat Chrysler (Fiat, Alfa Romeo, Chrysler, Dodge), and Volkswagen, the largest automobile manufacturer in the world, whose enterprises are located throughout Europe and beyond, closed their factories.

The coronavirus pandemic announced on March 11 has spread to over 160 countries. Infection has spread to all continents except Antarctica. According to the WHO, about 330 thousand people became infected in the world, 14.5 thousand died. Currently, the most difficult situation is in Italy, the USA and a number of European countries. In China, the outbreak has declined.

Last week, the World Health Organization said that while there is no effective cure for COVID-19, and treatment is possible only on the basis of the clinical picture, according to the symptoms.

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The article is written and prepared by our foreign editors from different countries around the world – material edited and published by Ordo News staff in our US newsroom press.

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