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Coronavirus will hit the EU economy, Commission says

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Chinas coronavirus outbreak will affect the EU economy — it just isnt clear by how much.

Such was the warning from Commission economic chief Paolo Gentiloni after he unveiled Wednesdays European Semester, a regular health check on the blocs national economies.

“It will have an effect,” he said at a press conference Wednesday, “knowing that China accounts for 18 percent of global GDP, but an assessment and serious forecast is not yet possible.”

A new economic forecast from the European Commission is set to arrive in May, and could revise growth down as the deadly virus continues to spread.

Coronavirus hit Italy harder than any other EU country, with some 10 dead and 300 infected since the weekend.

The outbreak impacted several parts of the EUs economy, Executive Vice President Valdis Dombrovskis said at the same press conference.

The Latvian noted reductions in air travel, tourism and falling demand thanks to the virus disruption of supply chains to China aRead More – Source