According to the last ECB Survey of Professional Forecasters, the economy is projected to have a deeper contraction of -8.3% in 2020 (vs prior -5.5%). Nevertheless, stronger GDP growth is expected in 2021 (5.7% vs prior 4.3%) and 2022 (2.4% vs prior 1.7%).

HICP forecast was kept unchanged at 0.4% for 2020. But it was revised lower to 1.0% in 2021 (prior 1.2%) and 1.3% in 2022 (prior 1.4%).

Unemployment rate forecast for 2020 was revised down to 9.1% (prior 9.4%). But it was revised up to 9.3% in 2021 (prior 8.9%) and 8.5% in 2022 (prior 8.4%).

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