The COVID-19 pandemic is a huge shock for the global and European economies, respectively, with severe economic and social consequences. Economic activity in Europe declined sharply in the first half of the year, recording a solid recovery in the third quarter, as isolation measures were lifted. However, the new wave of the pandemic in recent weeks is creating difficulties as most states reintroduce new actions to limit the spread of the virus. The epidemiological situation shows that growth forecasts are subject to an extremely high degree of uncertainty and risk.
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