Economic revival in Europe has stalled amid rising coronavirus cases. According to Bloomberg, in August the PMI fell to 50.1 points, which was much worse than economists predicted. Business activity is still below the pre-crisis level, a number of sectors are still experiencing difficulties, and there is still a long way to full recovery, the agency states.
вЂњAs COVID-19 cases rise across Europe, lower demand from cautious consumers is likely to affect activity this winter, even if governments manage to avoid a return to tighter containment measures,вЂќ economists said.
Earlier in August, against the backdrop of an increase in the number of infected, European markets collapsed, the Spanish IBEX 35 falling the most вЂ” by 3.4 percent. German DAX lost 3 percent.
According to World Bank forecasts, the overall recovery of the world economy could take five years. In total, the total damage to the global economy will amount to seven trillion dollars by the end of 2021.