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March 29, 2021

How lockdowns and lagging vaccination rates are slowing Europe’s economic recovery

By Paul Dennis

29 March

Yannis Koutsomitis, a European affairs analyst, shared an article on how the reimposition of lockdowns across Europe amid resurgence of Covid-19, are quashing hopes of economic recovery.

The mass vaccination drive in the region was expected to control the damage caused by the pandemic and increase spending among consumers, but the third wave of the pandemic disrupted the plans.

French President Emmanuel Macron said that European Union (EU) will have to enhance its €750bn ($885bn) coronavirus recovery fund in view of the third wave.

The EU is seven weeks behind its target of inoculating 70% of its population with the vaccine against coronavirus by summer-end, which could cause losses of €123bn ($145bn) to the 27 nations belonging to the bloc.

European Central Bank chief Christine Lagarde recently hinting at an economic recovery in the second half of 2021, while Dutch bank ING revised the eurozone’s growth projection to 3% in 2021, reducing it marginally from its previous estimate.

Economist Andrew Kenningham; however, noted that economic activity in the EU will not bounce back to pre-Covid-19 levels until second half of next year.

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