Europe’s economy shrank by 11.9% in the second quarter as the coronavirus pandemic plunged the region into a deep recession.
Recent surveys of business activity suggest Europe’s economy is now in recovery mode. But the specter of another wave of coronavirus cases looms. Germany’s center for disease control, the Robert Koch Institute, said this week that a recent spike in cases was « very disturbing. » In France, new daily cases have crept back to the same level as when its lockdown lifted in early May. Spain and Italy have also recorded increases.
The United Kingdom recently reimposed quarantine measures for travelers arriving from Spain, a move that will slow the recovery in its vital tourism industry.
