Second Reports On The Impact Of The New Crown Pneumonia Epidemic On The European Union

The official website of the European Commission May 29th. On that day, the European Commission released second reports on the impact of the new crown epidemic on EU trade (first released in April). The report points out that in order to cope with the epidemic, many countries have closed down businesses, restricted travel and personnel movements, resulting in a sharp contraction in economic output, household expenditure, investment and international trade. The epidemic will lead to a global trade decline of 10%-16% in 2020. The total exports of goods and services in the 27 EU countries will be reduced by 9% to 15%, and imports from non EU countries will be reduced by 11% to 14%. According to the latest statistics, the absolute value of the EU's 27 countries' exports of goods and services will be reduced by 282 billion to 470 billion euros, and imports will be reduced by 313 billion to 398 billion euros. Most manufacturing exports in the EU will fall by 15%, and transport equipment and motor exports will be the most affected industries. Although there are many forecasts for the growth of GDP in 2020, the forecast for 2020's trade situation is very limited. The report released on that day is one of the few attempts to analyze and predict the impact of the epidemic on trade flows. It is the first attempt of the European Union's chief economist since April.