For 2020, the European Commission forecasts a historic drop in GDP in the EU (-7.4% annually). By countries, the biggest decreases will take place in Greece, Italy, Spain and Croatia.
Employment forecasts place Greece and Spain with the highest levels of unemployment (19.9% and 18.9%, respectively).
The EU public deficit will increase to 8.3% of GDP as a result of the fiscal stimulus packages to counter the effects of the pandemic.
The effectiveness of the stimulus packages will depend on any previous fiscal consolidation by countries. In 2019, not all member states complied with the public deficit and debt criteria.