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EU, euro zone very likely in recession this year due to virus, Commission says
The European Union and the euro zone are very likely to be in a recession this year because of the coronavirus outbreak, a top economic official of the European Commission said on Friday.
“It is very likely that growth for the euro zone and the European Union as a whole will fall below zero this year and potentially even considerably below zero,” Maarten Vervey, head of economic affairs of the EU executive told a news conference in Brussels.
Romania will need a financial package of minimum 1% of GDP
If the latest estimates regarding the economic growth in the European Union are true, the Romanian Economy will need a substantial financial resources package, of at least 1% of GDP according to the minister of finances Florin Citu.
He said that the objectives under discussion aim at the consolidation of the sustainable economic growth, the maintenance of the working places and the purchase power of the Romanians. ‘We are ready for any scenario, but we are starting gradually. At first with measures for the sectors for which we already have information that they are affected. I will make sure that Romania receives significant resources from the funds which have been created in the EU to support the economic effects of the coronavirus epidemics. I will ask for those expenses which are connected to the combating of the coronavirus epidemics not to be taken into consideration when we speak about the budgetary execution. The measures package for the stimulation of the economy represent a collective effort on the part of the whole society. It is not the moment for populism, we need responsibility’ the minister of finances said.