The EU economy will experience a deep recession this year due to the coronavirus pandemic. The Summer 2020 Economic Forecast projects that the euro area economy will contract by 8.7% in 2020 and grow by 6.1% in 2021. The EU economy is forecast to contract by 8.3% in 2020 and grow by 5.8% in 2021. Early data for May and June suggest that the worst may have passed. The recovery is expected to gain traction in the second half of the year, albeit remaining incomplete and uneven across Member States.
Commission President Jean-Claude Juncker said: "Our parents and grandparents founded this Union with one common vision: never again war. After Rome this 60th anniversary of the Union, and however it is paved, there is only one way forward: European unity."