A deep European recession is now 'inevitable' and it could hit the continent as hard as 2008 despite policy moves, UBS says

Reuters

• UBS says that a deep recession in Europe is now its base case scenario despite heavy fiscal and monetary stimulus. 
• The continent's economy could shrink by as much as 4.5% similar to the global financial crisis in 2008. 
• "A European recession appears inevitable – the question is how deep and long it will be," said UBS economists in a research note. 

Swiss Investment Bank UBS says that a deep recession in Europe is now its base case scenario despite heavy fiscal and monetary stimulus. 

The Swiss bank said that the continent's economy could shrink by as much as 4.5% similar to the global financial crisis in 2008 in a research note. In recent weeks, the European Central Bank (ECB) has pumped €750 billion ($820 billion) into the European economy in a bid to boost countries which have been adversely impacted by coronavirus. 

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