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General

EU economic developments and projections (GEN – 1177.00)

06 November 2020

2 min read
European - COVID-19
General

EU economic developments and projections (GEN – 1177.00)

06 November 2020

2 min read

GEN – 1177.00. In addition to the briefing produced by the European Parliament services, the European Commission has published its Autumn 2020 Economic Forecast. Moreover, the freely accessible CEF eTranslation tool has been expanded to include, among other languages, Russian and Turkish.

Autumn economic forecast

The forecast highlights the very large shock for the global and EU economies, with very severe economic and social consequences of the COVID-19 pandemic. Economic activity in Europe suffered a severe shock in the first half of the year and rebounded strongly in the third quarter as containment measures were gradually lifted. However, the resurgence of the pandemic in recent weeks is resulting in disruptions as national authorities introduce new public health measures to limit its spread.

An interrupted and incomplete recovery. The euro area economy is expected to contract by 7,8% in 2020 before growing 4,2% in 2021 and 3% in 2022. Output in both the euro area and the EU is not expected to recover its pre-pandemic level in 2022.

Policy measures taken by Member States, together with initiatives at EU level have helped to limit the impact of the pandemic on labour markets. The scope of measures taken, particularly through short-time work schemes, have allowed the rise in the unemployment rate to remain muted compared to the drop in economic activity. Unemployment is set to continue rising in 2021 as Member States phase out emergency support measures and new people enter the labour market but should improve in 2022 as the economy continues to recover.

Usefulness of EU documents

The 224-page report gives a detailed insight into the many variables approaches and forecast that can be downloaded from the website.

There is also a direct access to country reports (in general 2 pages) including reports on China, Japan, Russia, UK and USA on the webpage just below the map of the EU.

It can help manufacturers to evaluate the situation in different countries in these strange times.

CEF eTranslation

It is also useful to point out that the EU provides free access to machine translation covering the 24 official EU languages and more, such as Russian, Mandarin and Turkish.

The EU makes this tool available to Small and Medium Sized enterprises and these could make use of this tool to improve contacts, develop documentation in other languages and so on.

It remains advisable to check the translation, but the bulk of the translation is done rapidly by CEF eTranslation tool.

Recommended actions

The members may find it useful to consider the European forecasts to plan their future activities. The eTranslation tool may prove useful in exploring contacts and exports to other regions.

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