The European Union has entered the deepest economic recession in its history, EU Economy Commissioner Paolo Gentiloni told reporters in Brussel.

The EU economy is predicted to contract by 7.5% this year, before growing by about 6% in 2021, ABC reported. 

"The group of 19 nations using the euro as their currency will see a record decline of 7.75% this year, and grow by 6.25% in 2021, the European Commission said in its Spring economic forecast."

“It is now quite clear that the EU has entered the deepest economic recession in its history," EU Economy Commissioner Paolo Gentiloni told reporters in Brussels. As the virus hit, “economic activity in the EU dropped by around one third practically overnight," he said.