Saving the European economy

Saving the European economy

Saving the European economy

The Spanish government has unveiled a massive plan to rescue the economy hit by the coronavirus pandemic. Prime Minister Pedro Sanchez announced that the authorities intend to spend 140 billion euros from EU funds for this purpose. 70% of funding will go to the transition to green energy and the digital economy.

“In the next three years, we want to achieve an annual GDP growth of 2.5%, we expect that during this period we will be able to create over 800 thousand jobs,” said Pedro Sanchez.

Experts in France warn that the pace of economic recovery will slow down in the fourth quarter due to an increase in the number of new cases of coronavirus infection and new restrictive measures, which negatively affects business activity. Growth forecast worsened for Europe's largest economies.

ECB President Christine Lagarde said: “The measures we have taken since the beginning of this disastrous crisis have significantly helped to simplify financial conditions, restore and maintain the ability of our financial system as a whole to absorb shocks. which banks and capital markets are supporting the economic recovery. “

The World Bank estimates 115 million people will be in extreme poverty by the end of this year due to the coronavirus pandemic.

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