00:00The depth of the recession in 2020 and the speed of the recovery in 2021 and 2022 are respected to
00:09vary widely across member states.
00:12Nearly half of our member states are not expected to recover their pre-pandemic level of GDP by the end
00:21of 2022.
00:22The pandemic caused the deepest recession in EU history in the first half of 2020, surpassing that in the great
00:31financial crisis.
00:33This contraction, which was uneven among member states, was followed by a strong rebound in the third quarter.
00:43This forecast implies that GDP for the EU as a whole will be just shy of its pre-pandemic level
00:52by the end of 2022.
00:56But unfortunately, this is not the case for all member states.
01:00The most severely hit euro-area countries are forecast to reach double-digit deficit ratios in 2020, namely Belgium, France,
01:12Italy and Spain.
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