Europe reopens borders amid worst global recession in memory – By Angela Charlton, Colleen Barry and Pablo Gorondi (ABC News) / June 10 2020
The world faces the worst global recession in nearly a century, a key economic body warns, while in Europe, restrictions to fight the spread of coronavirus portend for a bleak summer tourism season even as more nations announced plans to welcome visitors
PARIS — The world faces the worst global recession in nearly a century, a key economic body warned Wednesday, while in Europe, restrictions to fight the spread of coronavirus portend a bleak summer tourism season even as more nations announced plans to welcome visitors again.
Beginning June 16, Austria will open up to all European neighbors with the exception of Spain, Portugal, Sweden and Britain, meaning that visitors from 31 countries will no longer be required to undergo a two-week quarantine upon arrival. Greece, another European holiday hot spot, will allow tourists to fly to Athens or the main northern city of Thessaloniki beginning on June 15.
But that’s hoping people have money to spend.
The Organization for Economic Cooperation and Development said Wednesday that global economic output could fall by as much as 7.6% this year if a second wave of infections emerges, with the pandemic’s economic impact expected to be even harsher in Europe because of the continent’s strict and relatively lengthy coronavirus lockdowns.
In the eurozone, which includes the 19 European Union nations that use the common euro currency, GDP is expected to plunge 11.5% this year in case of a second wave and by over 9% even if another round of infections is avoided.
“Now we’re in the midst of … perhaps the most global health, economic and social crisis and it’s simply the most severe any of us have ever witnessed,” OECD Secretary General Angel Gurria said during the presentation of the report in Paris. He named tourism and air travel among the “critical” sectors hard hit by the pandemic and urged countries to cooperate in developing and fairly distributing a vaccine for the virus.
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