EU probably went through the hardest phase of economic downturn caused by the pandemic, said European Central Bank head Christine Lagarde on Friday, while urging authorities to prepare for a possible second wave.

“We’ve probably bottomed out, and I’m talking about this with some concern, because, of course, a serious second wave can begin,” Lagarde said at the online conference.

According to the ECB’s baseline scenario, the bloc’s economy could shrink by 8.7% in 2020 after more than two months of lockdown in spring which helped the country to curb the outbreak.
Lagarde said last week that decline in EU GDP in the second quarter can reach 13%.

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