European countries could see a ‘tremendous acceleration of growth’ in the summer, Dutch finance chief says

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 to 3.8%, from the 4.2% estimated in November. However, the Dutch finance chief is confident that economic activity will pick up in the summer. Most European nations introduced their first lockdowns in March 2020, but saw a pickup in activity in the third quarter of the year. Warmer temperatures, along with softer social restrictions, allowed restaurants, shops and bars to reopen after the first lockdowns.

European countries could see a ‘tremendous acceleration of growth’ in the summer, Dutch finance chief says, CNBC, Feb 16