The European Union is experiencing the largest wave of crisis in the past twenty-five years. The cause of negative economic trends was the global coronavirus pandemic, according to data from the statistical organization of the European Commission.
According to Eurostat, at the beginning of the second half of this year, the level of gross domestic product in the European region fell by 12.1%, which is a disastrous result for the economy.
The worst indicator is now observed in Spain. There, economic growth went into negative territory by 18.5%.
"EURO zone GDP declined by 12.1% in the second quarter due to the coronavirus pandemic," the Ministry said in a statement.
Moreover, in historical reality, the last time a similar economic anti-record was observed in the fields of the Eurozone was back in 1995.
As the European Commissioner for Economic Affairs Paolo Gentolini commented on the current crisis, the world economy will be recovering for a long time after such large-scale unrest due to the coronavirus.