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The economy of Luxembourg has been drastically affected by the COVID-19 pandemic in 2020. STATEC reports a slump in gross domestic product (GDP) by more than 7% in the second quarter of 2020 (2Q2020), while the unemployment rate is expected to increase from 5.6% to 6.5% by the end of 2020. As the spread of COVID-19 continues, hundreds of new cases are reported every day in Luxembourg, and infections skyrocket in all European Union (EU) member states. The chances of improving the economic prospects in the coming months are slim, as authorities in many countries implement mild lockdowns. In this policy brief, we quantify the mediumterm economic implications of the COVID-19 crisis, with a focus on the economy of Luxembourg.
|Number of pages||4|
|Place of Publication||Esch-sur-Alzette|
|Publication status||Published - 17 Dec 2020|
- economic impact
- Policy Brief
15/06/20 → 14/12/20