Eurozone economy to shrink 8.7% in 2020 before 2021 rebound: European Central Bank

FRANKFURT: Hit hard by the coronavirus pandemic, the eurozone economy will see a sharp contraction of 8.7 percent in 2020 before rebounding in 2021, European Central Bank chief Christine Lagarde said Thursday.

Growth is expected to come in at 5.2 percent next year and 3.3 percent in 2022, Lagarde said, warning that the extent of this year's recession would "depend crucially on the duration and effectiveness of containment measures" as well as policies to cushion the economic impact of the crisis.