Rating agency S&P Global nudges up eurozone economic forecasts

Credit rating agency S&P Global revised its eurozone economic forecasts on Thursday, trimming the depth of this year’s plunge and nudging up the expected rebound next year.

The firm said it now expected the 19-member bloc of countries to suffer a 7.4% contraction compared to the 7.8% fall it forecast in June. It also upped the 2021 rebound to 6.1% versus its previous projection of 5.5%.

“After experiencing the worst recession since World War II, the eurozone economic recovery from the lockdowns has been surprisingly fast,” S&P said.