“The eurozone economy has plunged back into a severe decline in November amid renewed efforts to quash the rising tide of Covid-19 infections,” said Chris Williamson, chief economist at IHS Markit. The firm’s closely watched PMI index plummeted to 45.1 points from 50.0 points in October, well below the key 50-point level which indicates growth. Importantly, “the further downturn of the economy… represents a major set-back to the region’s health and extends the recovery period,” Williamson said. Still, IHS Markit said it forecast the eurozone economy would contract by a historic 7.4 percent in 2020 and expected a recovery of just 3.7 percent in 2021. France, the bloc’s second-biggest economy, was particularly hard-hit with a result of just 39.9 points on the PMI, indicating a very deep downturn.

Source: Manila Times November 23, 2020 10:41 UTC