LONDON — European countries could experience a “tremendous acceleration of growth” in the summer, as vaccinations are stepped up, Dutch Finance Minister Wopke Hoekstra told CNBC.
European economies are wrestling against one of the deepest shocks in history. The coronavirus pandemic has halted much of Europe’s economic activity and the Covid-19 vaccine rollout has been bumpy. Euro zone member states contracted by almost 7% in 2020 and strict social restrictions are still in place, clouding the prospects for 2021.
The European Commission, the EU’s executive arm, turned more negative on the economic recovery, cutting its GDP forecast for the year