European Union overcoming the economic downturn

The European economy has been in a deep recession since March in the wake of the global epidemic. But an economic survey by the European Union since June shows the pace of a shrinking economy.

The overall economic situation became very complicated in April as economic activities actually stopped in March. However, it started improving last May, but in June it started improving as expected.

The European Union’s Total Economic Sentiment Indicator (ESI) rose 8.1 points to 74.6 from May. Which came down to 63.6 in April this year and which was 101.00 points in December 2019 under normal conditions.

Roughly the same figure rose 7.2 points to 75.7 in the euro zone. ESI covers all areas of business i.e. industry, services, consumer goods, consumer, construction etc.

The Netherlands (+ 8.3), France (+ 9.4), Spain and Italy (+ 8.2), Belgium (+ 5.6) and Portugal (+ 11.1) points have improved in the ESI index compared to last May.

The Employment Expectations Indicator also rose by 11.9 points to 82.7 in May 2020. Which dropped to 59.6 points in April this year.

In the eurozone, on the other hand, it rose by 12.7 points in June to 82.8 points compared to May last year.

There is stagnation in the tourism sector due to the closure of communication. However, step by step, the influx of tourists in different countries has started again in a very short range. While the real context is not expected to be fully overcome in the coming days, the economy of the European Union and the Eurozone will be able to settle in a hopeful place.

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