ECB Says Speed, Scale of Economic Recovery `Highly Uncertain'

The transcript discusses the significant contraction of real GDP in the second quarter, with indicators suggesting a bottoming out of the downturn as the economy gradually reopens. It anticipates a rebound in the third quarter, supported by eased containment measures, favorable financing conditions, and a resumption in global activity, though the speed and scale of the rebound remain uncertain. The June 2020 euro system staff macroeconomic projections predict an 8.7% fall in annual real GDP for 2020, with a rebound expected in 2021 and 2022.

What was the economic trend observed in the second quarter?

• Significant growth in GDP

• Stability in GDP

• Significant contraction of GDP

• Minor contraction of GDP

What signs were observed in May regarding the economic downturn?

• No change in the downturn

• A complete recovery

• Some bottoming out of the downturn

• A worsening downturn

Which factors are expected to support the euro area's economic rebound in the third quarter?

• Increased taxes and reduced spending

• Eased containment measures and favorable financing conditions

• Decreased global activity

• Stricter containment measures

What is the expected change in annual real GDP for 2020 according to the projections?

• An increase of 3.3%

• An increase of 8.7%

• A decrease of 8.7%

• No change

By how much is the annual real GDP expected to rebound in 2021?

• 15.0%

• 25.2%

• 8.7%

• 3.3%