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The European Commission has revealed confidence levels in its own single-currency bloc have plummeted since the pandemic continues to spread like wildfire throughout the Continent. Brussels flash consumer confidence indicator fell a record five factors to minus 11.6, it is lowest because eurocrats were made to deal with the financial ruins in 2014 abandoned by the banking crisis.
A broader measure of EU consumer confidence shows a fall of 4.5 points, straight back to its long-term typical of minus 10.4.
Consumers dread swathes of firms will go out industry and mass redundancies after the EU’s most significant savings have entered lockdown to curtail the spread of coronavirus.
The fatal disease has killed over 16,500 people globally, with over half of those deaths in Europe.
Melanie Debono, Europe economist at Capital Economics, has warned her forecasts to reveal Eurozone unemployment could rock from 7.4 per cent in January to nine per cent by July.
“Households are certain to be pessimistic in the coming months,” she explained.
That has many non-essential businesses forced to close, experts fear unemployment will once again rise after a continuous decline since its peak at over 19.3 million people throughout the 2013 debt crisis.
Most shockingly, German banks have undergone an unprecedented level of cash withdrawal in their ATMs as consumers prepare for an imminent financial crash.
The raft of measures implemented by Angela Merkel, to stop the spread of coronavirus can bring a hit of between 7.2 and 20.6 per cent of GDP, according to a new study.
The powerful Ifo believe tank calculated that the figures according to a partial shutdown ranging from a few months.
“The crisis will also lead to a huge upheaval in the work market. This could put the situation in the high point of the fiscal disaster into the shadows.”
Berlin has since declared an emergency funding with significant spending plans to help restrict the effect of coronavirus on the country’s economy.
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