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Europe gears up for more economic pain as Covid refuses to die down

The latest measures to address the second wave of Covid-19 infections in Europe could lead to higher unemployment

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French President Emmanuel Macron announced Wednesday a second nationwide lockdown starting Friday, with only schools and factories remaining open

Agencies London
There’s further economic pain ahead for European countries as France and Germany announce new nationwide lockdowns and other governments consider doing the same.
 
The latest measures to address the second wave of Covid-19 infections in Europe could lead to higher unemployment, the permanent closure of many businesses and even more national debt.
 
“Scarring will occur with each iteration,” analysts at High Frequency Economics said in note on Wednesday about the new lockdowns.
 
“Businesses and households will fail, increasing the number of jobs that will never come back at any interest rate and with any level of fiscal stimulus.”
 
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First Published: Oct 30 2020 | 12:30 AM IST

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