Bank of America forecasts a deep recession in Europe and the economy to shrink by almost 8% this year
in response to the growing risk of coronavirus, BofA says "more fiscal help will be needed to limit permanent damage to the corporate sector and jobs."
Uncertainty about the duration of the quarantine period has impaired the construction and manufacturing sectors, both of which analysts presumed would be relatively unhurt. Despite an anticipated ease in lockdown measures around May, analysts said the return to work would be a lot slower than previously estimated.
This anticipated recession has wider implications for the global economy. Among the eurozone's members, Italy is still one of the countries that never quite fully recovered from its sovereign debt crisis in 2010. Many of its banks are still fragile and loaded with government debt.
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