EU predicts historic recession

The EU is predicting a recession of historic proportions this year.

It says the bloc will see its economy contract by 7.5% this year and 6 per cent next year.

The Euro area will see a slightly worse performance. 

The EU Spring 2020 forecast, published today, says Irish GDP will contract by 7.9% in 2020 but will grow by 6.1% in 2021.