JPMorgan, which reckons the economy suffered a massive 9% contraction in the fourth quarter of 2020, now projects a 1% downturn in the first quarter of this year compared with its earlier forecast for 2% growth.
MUNICH: The eurozone economy is poised to shrink again at the start of this year as the resurgent pandemic plunges the region into a double-dip recession.
Analysts at banks including JPMorgan Chase & Co and UBS Group AG are downgrading forecasts to account for renewed lockdowns – in some places tougher than ever – and the prospect that the new coronavirus variant ravaging the UK will do the same on the continent.
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