European Economy is facing a crisis after the pandemic, many big companies have been continuously struggling to recover from the serious damage that caused due to the government restriction on social gathering and lockdown. Almost every country around the globe has stopped the import and exports of petroleum and other basic materials for more than a couple of months. European Commission has announced that the countries economy will start to grow 4.2% during the start of 2021. Economic experts suggest that the government needs to extend their support to companies in benefitting their financial demand. Many automobile companies located in Europe have already said that they have faced the worst economic recession in the last couple of months. More the millions of dollars have been put and hold. It looks like more than half a million people might face unemployment in the upcoming days. As expected earlier by the experts, Europe might be entering the shallower recession within this year and bouncing back during the mid of next year.
As the second wave of Corona has started entering various European countries still many countries are planning to extend their lockdown. Commissioner of the European Union has assured that maximum help will be extended to review their economy by supporting big companies to kick start their production after the lockdown. Governments are expected to take strict actions against trade, travel, and hospitality. Commission has already advised the members that this pandemic might leave “deeper scars” on the countries economy. Job losses have been continuing even after the government support to make companies come back then to the normal stand. Many welfare schemes and programs have been implemented to support unemployed people. Based on the latest information from the Commission, it’s expected that unemployment might rise up to 9.4% during the next year. European Central Bank is preparing their new stimulus package which might help the livelihood of the individual to a greater extend. This new stimulus package from the European bank is expected to benefit the economy along with that it also supports the business to carry forward.
ECB is expected to forecast its stimulus plans during December of this year. Many developing countries have been facing serious damage in the last couple of months, where the international financial institutions suggest that the economy might be shrinking more than double in the upcoming months. ECB has requested the officials to accept the new plans without any further delay. It’s said that the latest lockdown requires new stimulus plans that will benefit the indivudual who are looking after minimal economical support for their survival. Due to the unpredicted financial year, the countries debut expected to jump over the more than 100% in the upcoming year. Government funding institution’s DNA manufacturing plants have been facing several losses that needed a huge amount of money to be spent on infrastructure and maintenance. According to the survey conducted by many European financial institutions, Greece might face a huge debt of around 207%. European countries that relied on travel and tourism have been facing major economical damage.