IMF forecasts gloomy economic outlook for Europe

According to the IMF, the greatest risk for European countries is the second wave of infections in autumn and winter. In addition, a hard Brexit without a trade agreement between the EU and Great Britain could deal another blow to the economy at the turn of the year. IMF expert Alfred Kammer said that Europe lacks an economic output of almost 3 trillion euros compared to earlier estimates. Much of this loss will not be made up in the medium term. The pandemic hit Europe hard with more than 240,000 deaths and extensive restrictions on public life. Without the enormous help from governments and central banks, the economic consequences would have been much worse. At least 54 million jobs across Europe have been preserved through emergency programs such as short-time work benefits in Germany. A hasty withdrawal of support measures could drag countries back into recession and undo much of what has been achieved so far.