According a preliminary report, published by the Oxford Economics, the leader in global forecasting, the COVID-19 cost the European economy a loss of about USD 1 tn in 2020.
Europe to face the deepest impact of the global pandemic
The COVID-19 death toll in the EU was at 471 248 as of 22 June, 2020 (the total population of the EU is around 450 million).
As of today, the US economy, where COVID-19 arrived later, is hit less. Compared to the EU economy decline rates, which were at 13% in the first quarter of 2020, the US losses were rather modest, only 4.8%.
The statisticians claim that by the end of the year the situation in the EU will only worsen, while the national economy of China, which is EU’s main competition, will reach its pre-crisis levels already by autumn 2020.
IMF experts deem, that the Great Depression has damaged the global economy much less than the coronavirus crisis.
The COVID-19 proliferation far beyond its epicenter caused the downturn of the European markets. By the end of February 2020, the damage caused by COVID-19 to the European markets exceeded the previous ceiling of June 2016, when the net worth of the wealthiest people worldwide, according to the Forbes rating, dropped by a total of about USD 40 billion.